Chipotle Mexican Grill (NYSE: CMG) reported fourth-quarter revenue rose 15% to $2.5 billion, driven by an increase in average checks.
The sales surpassed the general analysts’ consensus of $2.49 billion for the period ended Dec. 31. Chipotle shares are up 8% to $2,686.70 today and a $74 billion market cap, the most valuable publicly traded company headquartered in Orange County.
About 121 new restaurants were opened during the final quarter, which made up almost half of the company’s total of 271 new openings for the year. The Newport Beach-based chain now counts over 3,400 restaurants as of December.
Total revenue for 2023 increased 14% to $9.9 billion.
“We delivered strong transaction growth driven by throughput and menu innovation, opened a record number of new restaurants, surpassed $3 million in AUVs and formed our first international partnership,” Chief Executive Brian Niccol said in a statement.
