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Chipotle Q3 Earnings Beat Estimates as Revenue Increases 11.3%, Plans to Open More Outlets in 2023 and 2024

Chipotle's Q3 earnings show promising growth with digital sales making up 36.6% of its total revenue and operating margin increasing to 16%, achieved through higher transactions. The company looks to continue this momentum by expanding its footprint with up to 315 new outlets in 2024.

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Overview

  • Chipotle's Q3 earnings exceeded expectations, with revenue increasing by 11.3% year-on-year to $2.5 billion, outperforming the consensus estimate of $2.47 billion.
  • The company reported quarterly earnings of $11.36 per share, also beating analyst estimates of $10.55 per share.
  • Digital sales made up 36.6% of total revenue, indicating strong growth in the company's online ordering segment.
  • Comparable restaurant sales rose 5% year-over-year, primarily due to higher transactions, while Chipotle's operating margin increased to 16% in the third quarter, up from 15.1% year-over-year.
  • Looking towards the future, Chipotle plans to open 255 to 285 new locations in 2023 and 285 to 315 new locations in 2024, bringing the total number of locations significantly closer to the company's long-term target of 7,000 outlets.