Chipotle Mexican Grill (CMG) Q4 2023 earnings
People visit a Chipotle restaurant in Miami on Feb. 9, 2022.
Joe Raedle | Getty Images
Chipotle Mexican Grill is expected to report its fourth-quarter earnings after the bell Tuesday.
Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:
- Earnings per share: $9.75 expected
- Revenue: $2.49 billion expected
Investors are forecasting the burrito chain will report quarterly same-store sales growth of 7.1%, according to StreetAccount estimates. Another round of price hikes and the return of a limited-time menu item likely gave the chain’s sales an extra boost during the quarter.
In October, Chipotle increased menu prices for the first time in more than a year, citing inflation. Rival restaurant chains have seen customers weary from price increases pull back their restaurant spending, but Chipotle executives have maintained that the chain has pricing power to spare.
The chain also brought back its popular carne asada during the quarter. The limited-time steak option typically draws in traffic and boosts sales because of its higher price.
Chipotle shares have risen 46% over the past year, bringing the company’s market cap to $67.9 billion.
