Q4 2024 Chipotle Mexican Grill Inc Earnings Call Transcript
Key Points
- Chipotle Mexican Grill Inc (CMG) reported a 15% increase in sales for fiscal year 2024, reaching $11.3 billion, driven by a 7.4% comp and over 5% transaction growth.
- The company opened a record 304 new restaurants in 2024, including 257 Chipotlanes, contributing to its expansion strategy.
- Digital sales accounted for 35% of total sales, highlighting the company's strong digital presence and customer engagement.
- Chipotle Mexican Grill Inc (CMG) achieved a restaurant-level margin of 26.7% for the fiscal year, marking a 50 basis point increase year over year.
- The company demonstrated strong leadership development, with over 23,000 promotions in 2024, including three Regional Vice Presidents who started as crew members.
- Restaurant-level margin for the fourth quarter declined by 60 basis points year over year to 24.8%, indicating some pressure on profitability.
- The company experienced volatility in comps during the fourth quarter, particularly around the December holidays, due to calendar shifts.
- Chipotle Mexican Grill Inc (CMG) faces potential cost pressures from new tariffs on items imported from Mexico, Canada, and China, which could impact cost of sales by about 60 basis points.
- The company anticipates low- to mid-single digit comp growth for 2025, reflecting a cautious outlook amid tougher comparisons and external challenges.
- Weather and calendar shifts negatively impacted transaction comps in January 2025, with a reported negative 2% transaction comp for the month.
Good day and welcome to the Chipotle Mexican Grill fourth quarter 2024 results conference call.
(Operator Instructions)
Please note today's event is being recorded.
I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.
Hello, everyone, and welcome to our fourth quarter and full year fiscal 2024 earnings call. By now you should have access to earnings press release. If not, it may be found on the Investor Relations website at ir.chipotle.com.
I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements.
Please see the risk factors contained in our annual report on
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