Chipotle’s operating margin during this quarter was 16.0%, an increase from 15.1%. Credit: Jonathan Weiss via Shutterstock.com.

Chipotle Mexican Grill (Chipotle) has reported a net income of $313.2m for the third quarter of 2023.

This is an increase of almost 22% compared with $257.1m a year ago.

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For the quarter ended 30 September 2023, the restaurant company’s total revenue rose by 11.3% to $2.47bn from $2.22bn last year.

The company attributed the increase in revenue to the new restaurant openings and a 5% increase in comparable restaurant sales.

The company noted that its digital sales accounted for 36.6% of total food and beverage revenue.

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Chipotle’s operating margin during the quarter was 16.0%, an increase from 15.1%.

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Restaurant-level operating margin was 26.3%, an increase of 100 basis points.

The company noted that the increase in the restaurant-level operating margin was primarily due to the benefit of sales leverage, partially offset by higher inflation across several food costs and, to a lesser extent, wage inflation.

During the quarter, the company opened 62 new restaurants, with 54 locations including a Chipotlane.

Chipotle chairman and CEO Brian Niccol said: “Chipotle’s value proposition including customized, delicious culinary served quickly with great hospitality, is stronger than ever which is translating to great results including sustained positive transaction growth.

“We remain focused on developing exceptional people, preparing delicious food and fast throughput which will further strengthen our brand and continue to position us for long-term growth.”

Total operating expenses increased to $2.07bn from $1.88bn in the year-ago.