Chipotle Mexican Grill has reported total revenue of $2.2bn in the fourth quarter 2022, ended 31 December, an increase of 11.2% compared to the fourth quarter of 2021.
The company’s total revenue for the fiscal year (FY) 2022 increased by 14.4%, to $8.6bn, compared to 2021.
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During the fourth quarter, the restaurant company’s net income stood at $223.7m, or $8.02 per diluted share, compared to $133.5m, or $4.69 per diluted share, in the same period for the previous year.
In FY 2022, Chipotle Mexican Grill’s net income grew to $899.1m, or $32.04 per diluted share, compared to a net income of $653m, or $22.90 per diluted share, in 2021.
Comparable restaurant sales increased by 5.6% in the latest quarter and by 8% over the FY.
In the fourth quarter the company’s in-restaurant sales increased by 17.5%, with digital sales representing 37.4% of food and beverage revenue.
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By GlobalDataIts in-restaurant sales during FY 2022 increased by 26.4%, while digital sales represented 39.4% of food and beverage revenue.
Chipotle’s operating margin in Q4 2022 surged to 13.6%, up from 8.1% in Q4 2021.
The operating margin for FY 2022 was 13.4%, an increase from the previous year’s 10.7%.
Its diluted earnings per share in the quarter stood at $8.02, compared to $4.69 the previous year, while for the FY diluted earnings per share were $32.04, a 39.9% increase from $22.90 in 2021.
In Q4 2022, Chipotle opened 100 new restaurants, with 90 locations including a Chipotlane drive through. Over the year, it opened 236 new restaurants, with 202 locations including a Chipotlane drive through.
Chipotle chairman and CEO Brian Niccol said: “We delivered strong growth in 2022, expanding average unit volumes and restaurant level margin, while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment.
“Our continued focus on recruiting and retaining the best people, delivering Chipotle’s operational standards with delicious food prepared fresh daily, uniquely positions Chipotle to successfully expand to 7,000 restaurants over the long term.”
