By Davit Kirakosyan
Chipotle Mexican Grill (NYSE:CMG) shares were trading more than 2% higher after-hours following the company’s reported Q3 results, with EPS of $9.51 coming in better than the consensus estimate of $9.17.
Revenue grew 13.7% year-over-year to $2.2 billion, compared to the consensus estimate of $2.23 billion, driven by a 7.6% increase in comparable restaurant sales and new restaurant openings. In-restaurant sales grew 22.1% year-over-year, while digital sales represented 37.2% of food and beverage revenue.
"Our performance in the third quarter confirms our brand and value proposition remain strong, even during a challenging economic environment. With consumer discretionary spending tightening, we are focused on running great restaurants and delivering excellent customer and employee experiences," said Brian Niccol, Chairman and CEO of Chipotle.
The company expects Q4 comparable restaurant sales growth in the mid to high-single digits. The company expects 235-250 new restaurant openings in 2022 and 255-285 openings in 2023.