CHIPOTLE ANNOUNCES THIRD QUARTER 2024 RESULTS

Chipotle Posts Record Revenue and Net Income in Q3

Chipotle Mexican Grill (NYSE: CMG) today announced financial results for the third quarter ended September 30, 2024.

The company reported record revenue of $2.3 billion, an increase of 14.4% compared to the same period last year. Net income also reached a record high of $343.3 million, a 21.6% increase from the third quarter of 2023.

Strong Sales Growth Driven by Digital Ordering and New Menu Items

Chipotle's comparable restaurant sales increased by 7.6% in the third quarter, driven by continued growth in digital ordering and the introduction of new menu items.

Digital sales accounted for 40.5% of total sales, up from 36.2% in the previous year's quarter. The company's loyalty program, Chipotle Rewards, now has over 33 million members, contributing to the growth in digital sales.

New menu items, such as the Pollo Asado and Garlic Guajillo Steak, also contributed to the sales growth. These items have proven popular with customers, driving repeat visits and increased order values.

Expansion Plans and Outlook

Chipotle plans to continue expanding its restaurant footprint, with plans to open 250 to 270 new restaurants in 2025.

The company is also investing in technology and innovation, including the development of its digital ordering platform and loyalty program. Chipotle believes that these investments will drive continued growth and profitability in the future.

For the full year 2024, Chipotle expects to report revenue between $9.5 billion and $9.8 billion, and comparable restaurant sales growth in the mid-single digits.

Financial Highlights

• Revenue: $2.3 billion, up 14.4% year-over-year
• Net income: $343.3 million, up 21.6% year-over-year
• Comparable restaurant sales growth: 7.6%
• Digital sales: 40.5% of total sales
• Chipotle Rewards members: over 33 million
• Planned new restaurant openings in 2025: 250 to 270

The company's full financial results can be found on its investor relations website: https://investor.chipotle.com/