In Q4 2023, Chipotle opened 121 new restaurants. Credit: John Hanson Pye via Shutterstock.com.

Chipotle Mexican Grill has announced a significant increase in its financial performance for the fourth quarter (Q4) of 2023 with net income rising by 26.4% to $282.1m compared to the same period in 2022.

The company’s total revenue for the quarter ending 31 December 2023 reached $2.5bn, a 15.4% increase from the fourth quarter of 2022.

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The growth was primarily driven by an 8.4% rise in comparable restaurant sales, boosted by a 7.4% increase in customer transactions.

The company’s digital sales in Q4 2023 accounted for 36.1% of the total food and beverage revenue.

The restaurant’s operating margin improved to 25.4%, up from 24% in the previous year’s quarter, benefiting from sales leverage and reduced paper costs.

The increase in total revenue was driven by an 8.4% increase in comparable restaurant sales attributable to 7.4% higher transactions.

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Chipotle’s diluted earnings per share also saw a notable increase, climbing 27.3% to $10.21 from $8.02 in the fourth quarter of 2022.

The company’s aggressive expansion strategy included the opening of 121 new restaurants, with 110 featuring a “Chipotlane” [drive-thru collection point].

Chipotle chairman and CEO Brian Niccol said: “2023 was an outstanding year where we delivered strong transaction growth driven by throughput and menu innovation, opened a record number of new restaurants, surpassed $3 million in AUV [accumulation units value] and formed our first international partnership.

“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 AUV, expanding our industry-leading margins and returns and furthering our purpose of cultivating a better world globally.”