Chipotle said total revenue for Q1 2024 (ended March 31) rose to $2.7 billion, up 14.1% from Q1 2023. It said comparable restaurant sales increased 7.0%, driven by a 5.4% increase in transactions and a 1.6% increase in average check.

1. 01

   Chipotle said total revenue for Q1 2024 (ended March 31) rose to $2.7 billion, up 14.1% from Q1 2023. It said comparable restaurant sales increased 7.0%, driven by a 5.4% increase in transactions and a 1.6% increase in average check.

2. 02

   The company said its operating margin for Q1 2024 was 16.3%, compared with 15.5% a year earlier. Its non-GAAP restaurant level operating margin was 27.5%, versus 25.6% a year earlier. It cited sales leverage as the main driver of the change, partly offset by wage and ingredient inflation.

3. 03

   The company said diluted earnings per share for Q1 2024 were $13.01, compared with $10.50 a year earlier, an increase of 23.9%. Adjusted diluted earnings per share, which excluded the $0.36 after-tax impact from an increase in legal reserves, were $13.37, up 27.3% from a year earlier.

4. 04

   The company said it expects full-year 2024 comparable restaurant sales growth in the mid to high-single digit range. It also said it expects 285 to 315 new restaurant openings, with over 80% including a Chipotlane, and an underlying effective full-year tax rate of 25% to 27% before discrete items.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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