Chipotle Posts Strong Q3 Results With Higher Sales and Profits; Plans Continued Growth in 2023

Comparable sales increased 5% driven by transaction growth and higher average check. Operating margin expanded to 16%, up from 15.1% last year.

Opened 62 new restaurants in Q3, with 54 including a Chipotlane. These formats continue to perform well.

Restaurant level operating margin improved 100 basis points to 26.3% thanks to sales leverage and despite inflation.

Net income grew 23% to $313 million. Adjusted diluted EPS, excluding restructuring costs, grew 20% to $11.36.

For 2023, expecting mid- to high-single digit comparable sales growth. Planning to open 255-285 new restaurants, with 10-15 relocations adding a Chipotlane.