Chipotle said comparable restaurant sales for the 3 months ended March 31, 2024 increased 7.0%. The company cited higher transactions as the main driver and, to a lesser extent, an increase in average check.

1. 01

   Chipotle said comparable restaurant sales for the 3 months ended March 31, 2024 increased 7.0%. The company cited higher transactions as the main driver and, to a lesser extent, an increase in average check.

2. 02

   The company said diluted earnings per share were $13.01, up 23.9% from $10.50. That figure includes an after-tax impact of $0.36 from higher legal reserves.

3. 03

   The company said restaurant operating costs for the 3 months ended March 31, 2024 were 72.5% of total revenue, down from 74.4% a year earlier. It cited sales leverage as a factor lowering costs, partly offset by wage inflation and, to a lesser extent, higher food costs.

4. 04

   Chipotle said cash provided by operating activities was $569.2 million for the 3 months ended March 31, 2024 ($455.0 million a year earlier). As of March 31, 2024, the remaining authorization for share repurchases was $399.1 million.

Key figures

Quarter ended March 31, 2024

Revenue

$2.7B

Operating income

$441M

Net income

$359M

EPS

$13.01

Operating cash flow

$569M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.