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Chipotle Posts Q4 and FY 2023 Results

02/06/2024

In a February 6th release, Chipotle Mexican Grill (CMG) reported on the 4th quarter of fiscal 2023 ending December 31st.

 

For the period, the company earned $282 million on total revenue of $2,516 million including delivery payments, with a diluted EPS of $10.21.  For comparable Q4 of fiscal 2022, Chipotle earned $224 million on total revenue of $2,181 million with a diluted EPS of $8.02.  

 

Total revenue increased by 15.4 percent over Q4 FY 2022 and comparative same store sales were up by 8.4 percent. Digital sales represented 38 percent of revenue in FY 2023. Gross margin for Q4 increased from 24.0 percent in Q4 FY 2023 to 25.4 percent for the most recent quarter. Operating margin increased from 13.6 percent to 14.4 percent in Q4 2023.

 

During the Q4, Chipotle opened 121 new stores, with 110 equipped for drive-through service. Chipotle operates 3,437 stores with average sales of $3 million and an operating margin of 26.2 percent. 

 

For FY 2023, the company earned $1,229 million on total revenue of $9,872 million including delivery payments with a diluted EPS of $44.34.  For comparable fiscal 2022, Chipotle earned $899 million on total revenue of $8.635 million with a diluted EPS of $32.84

 

In commenting on results, Brian Niccol, Chairman and CEO stated, “2023 was an outstanding year where we delivered strong transactional growth driven by throughput and menu innovation, opened a record number of new restaurants, surpassed $3 million in AUVs and formed our first international partnership," He added "I am more confident than ever that we have the right people and the right strategy to achieve our long-term growth goals of reaching 7,000 restaurants in North America, $4 million in AUVs, expanding our industry leading margins and returns and furthering our purpose of Cultivating a Better World globally."

 

On December 31st Chipotle Mexican Grill posted assets of $8,044 million with long-term lease obligations of $3,832 million.  Market capitalization was $68,230 million on February 7th.  During the past fifty-two weeks, CMG has traded over a range of $1,470 to $2,726 with a fifty-day moving average of $2,296. CMG closed pre-release on Tuesday, February 6th at $2,491 but rose on the open on Wednesday 7th post-release to $2,652.  On a trailing twelve-month basis, operating margin was 14.7 percent and profit margin 12.5 percent.  The Company generated returns of 13.3 percent on assets and 45.3 percent on equity.