From CNBC:

Chipotle Mexican Grill exceeded Wall Street expectations for its quarterly earnings and revenue, leading to a more than 2% increase in the company’s shares. Earnings per share came in at $10.36, beating the expected $9.75. Revenue of $2.52 billion also surpassed the expected $2.49 billion. Net sales rose 15.4% to $2.52 billion, with same-store sales growing by 8.4%.

The company’s profitability was impacted by higher beef, produce, and queso costs, but the return of carne asada and a 3% menu price increase in October contributed to strong same-store sales growth. Chipotle’s throughput initiative aims to improve speed and productivity in its restaurants, contributing to the quarter’s success. The company opened 121 new locations and expects mid-single-digit same-store sales growth for 2024.

Chipotle is also planning to introduce new limited-time menu items in 2024 and is testing the Autocado robot for avocado preparation and an automated make line for its burrito bowls and salads. Both robots have already been tested in the company’s innovation center. Despite sales being impacted by “unusually cold weather,” Chipotle remains optimistic about future demand for its burritos and bowls.



Read more: Chipotle Mexican Grill (CMG) Q4 2023 earnings