Chipotle Mexican Grill (NYSE:CMG) is a California-based company that owns and operates Chipotle Mexican Grill restaurants across North America. Shares of Chipotle have increased 0.80% month-over-month as of close on Wednesday, April 24, 2024. Meanwhile, its stock has now jumped 30% in the year-to-date period. Its shares have surged 64% year over year. The company’s stock has enjoyed renewed momentum after the release of its recent earnings.
Investors got to see Chipotle’s first quarter fiscal 2024 earnings on Wednesday, April 24, 2024. In the first quarter, total revenue climbed 14.1% year-over-year to $2.7 billion. Revenue growth was powered by new restaurant openings and comparable restaurant sales growth of 7.0%. Its restaurant level operating margin was 27.5%, which represented an increase of 190 basis points compared to the previous year.
In Q1 FY2024, Chipotle delivered diluted earnings per share (EPS) of $13.01 – up 23.9% compared to $10.50 in Q1 fiscal 2023. Moreover, adjusted diluted EPS increased 27.3% year-over-year to $13.37. Chipotle opened 47 new restaurants with 43 locations including a Chipotlane, the company’s name for a drive thru.
Looking ahead for the rest of fiscal 2024, Chipotle is projecting full year comparable restaurant sales growth in the mid to high-single digit range. Moreover, the company expects to open between 285 and 315 new restaurants through the fiscal year, with over 80% having a Chipotlane. Chipotle is geared up to deliver strong earnings growth going forward, with earnings growth reaching over 35% over the past year.
