Chipotle Mexican Grill has reported a net income of $359.28m for the first quarter of 2024, an increase of 23% compared to $291.64m a year ago.
Diluted earnings per share during the quarter was $13.01 as against $10.50 in the first quarter of last year.
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For the first quarter ended 31 March 2024, the company’s total revenue was $2.7bn, up 14.4% versus $2.36bn in the first quarter of 2023.
The company attributed the increase to new restaurant openings and a 7% increase in comparable restaurant sales due to higher transactions of 5.4% and a 1.6% increase in average checks.
Chipotle said its digital sales in the quarter accounted for 36.5% of the total food and beverage revenue.
In the latest quarter, the company’s restaurant-level operating margin was 27.5%, an increase of 190 basis points.
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By GlobalDataDuring the period, the company opened 47 new restaurants with 43 locations, including a Chipotlane.
The company bought back $25m of stock at an average price of $2,320 per share during the first quarter.
The business projects mid- to high-single-digit growth in comparable restaurant sales for the entire year of 2024.
Additionally, it intends to open between 285 and 315 new restaurants, of which more than 80% will include a Chipotlane.
Chipotle chairman and CEO Brian Niccol said: “We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions.
“The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally.”
