Shares of Chipotle Mexican Grill (CMG) are down 6% after the quick-service restaurant chain reported fourth-quarter 2024 financial results that narrowly beat Wall Street forecasts.
The Newport Beach, California-based company announced earnings per share (EPS) of $0.25 U.S., which narrowly beat analysts’ consensus forecasts of $0.24 U.S.
Revenue in the October through December quarter totaled $2.85 billion U.S., which matched expectations. Sales were up 13% from a year earlier.
Chipotle also reported that its same-store sales rose 5.4% in the quarter, narrowly missing consensus estimates of 5.7% growth.
Transactions at its restaurant outlets increased 4%, building on the restaurant chain’s growth in foot traffic. Chipotle specializes in Mexican cuisine.
Last autumn, Chipotle brought back its Smoked Brisket offering, which management said has proven popular with consumers.
Chipotle Mexican Grill opened 120 new restaurant outlets during the fourth quarter, including one international location.
Looking ahead, Chipotle is projecting low- to mid-single digit same-store sales growth for this year.
The company also expects to open between 315 and 345 new restaurants, more than 80% of which will have a “Chipotlane” for digital orders and pick-ups.
Before today (Feb. 5), the stock of Chipotle had risen 19% over the past 12 months to trade at $59.02 U.S. per share.
