Fast-food chain Chipotle Mexican Grill (NYSE: CMG) on Tuesday reported higher sales and profit for the fourth quarter of 2022 amid continued strong growth in comparable store sales.
Net income, excluding special items, moved up to $8.29 per share in the final three months of 2022 from $5.58 per share in the comparable period last year. On a reported basis, fourth-quarter net income was $223.7 million or $8.02 per share, compared to $133.5 million or $4.69 per share a year earlier.
Driving the earnings growth, revenues rose 11.2% from last year to $2.2 billion in the December quarter. Comparable restaurant sales increased 5.6% year-over-year.
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“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,” said Chipotle’s CEO Brian Niccol.