Chipotle Mexican Grill’s (CMG) stock is up 3% after its fourth-quarter financial results beat Wall Street expectations on the top and bottom lines.
The quick service restaurant chain reported earnings per share (EPS) of $10.36 U.S. compared to $9.75 U.S. that was expected among analysts.
Revenue in the final three months of last year came in at $2.52 billion U.S. versus $2.49 billion U.S. that was forecast on Wall Street. Sales were up 15.4% from a year earlier.
The company’s same-store sales increased 8.4%, which was ahead of estimates of 7.1%.
Chipotle said foot traffic at its restaurants rose 7.4% in the quarter.
Chipotle’s Q4 2023 sales also got a boost from a 3% menu price increase that the company implemented last October.
During Q4, Chipotle opened 121 new restaurant locations, and announced plans to open an additional 285 to 315 locations this year.
In terms of guidance, the company forecast full-year 2024 same-store sales growth in the mid-single-digit range.
Prior to today (Feb. 7), Chipotle’s stock had risen 44% over the last 12 months to trade at $2,487.74 U.S. per share.
