Chipotle Mexican Grill has reported revenues of $1.2bn for the third quarter (Q3) ending 30 September, an 8.6% increase from the same period last year.
The growth was reportedly driven by new restaurant openings and a 4.4% increase in comparable restaurant sales. Chipotle opened 28 new restaurants, as well as closed or relocated 32 properties, during the third quarter. This brings the total restaurant count to 2,463.
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Chipotle also reported a net income of $38.2m, a 94.8% increase from $19.6m for the same period in the previous year.
The company’s restaurant operating margin was 18.7%, a rise from 16.1% last year.
The increase was driven primarily by comparable restaurant sales combined with lower marketing and promotional spend. It was partially offset by increased repairs and maintenance.
Chipotle Mexican Grill CEO Brian Niccol said: “Chipotle’s strategy to win today and cultivate a better future is taking hold and I’m pleased to report our third quarter results with strong sales growth and restaurant margin expansion over last year.
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By GlobalData“We made important progress during the quarter with the introduction of our ‘For Real’ marketing strategy and I’m encouraged by the progress we are making in building a pipeline of customer focused innovation, driving digital sales, elevating our restaurant operations and effectively executing our reorganisation.”
Chipotle currently owns and operates all its restaurants in the US, Canada, the UK, France and Germany.
