Summary by Moomoo AI
Chipotle Mexican Grill reported strong Q3 2024 results with total revenue increasing 13% to $2.8B, driven by a 6% rise in comparable restaurant sales including 3.3% higher transactions. Digital sales accounted for 34% of total food and beverage revenue. Operating margin improved to 16.9% from 16.0% year-over-year.The company opened 86 new company-operated restaurants in Q3, with 73 locations featuring Chipotlanes. Restaurant level operating margin was 25.5%, down from 26.3% in Q3 2023, impacted by inflation in ingredient costs, particularly avocados and dairy, as well as higher usage of ingredients to ensure consistent portions.The Board of Directors authorized a new $900M share repurchase program, adding to previous authorizations. For full-year 2024, Chipotle expects mid to high-single digit comparable sales growth and 285-315 new restaurant openings. The company projects 315-345 new locations in 2025, with over 80% featuring Chipotlanes.
