Chipotle Mexican Grill, Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $11.3 billion, a 14.6% increase from $9.9 billion in 2023. The company's comparable restaurant sales rose by 7.4%, driven by a 5.3% increase in customer transactions and a 2.1% rise in average check size. Diluted earnings per share also saw a significant increase, rising 24.7% to $1.11 from $0.89 in the previous year. The growth in revenue and profitability reflects Chipotle's successful strategies in enhancing customer experience and expanding its restaurant footprint.
In 2024, Chipotle opened 304 new restaurants, including 257 featuring its drive-thru format, Chipotlane. The company plans to continue this expansion, with expectations to open between 315 to 345 new locations in 2025, at least 80% of which will include a Chipotlane. Additionally, Chipotle has ventured into international markets, opening three licensed restaurants in the Middle East. The company’s digital sales accounted for 35.1% of food and beverage revenue, although this figure represents a slight decline from 37.4% in 2023.
Operationally, Chipotle employed 130,504 individuals globally as of December 31, 2024, with 127,820 based in the U.S. The company has focused on internal promotions, filling over 85% of in-restaurant leadership roles through internal candidates. The introduction of a virtual hiring assistant, "Ava Cado," has reportedly doubled application flow, indicating a strategic move to enhance recruitment efficiency. Chipotle's commitment to employee development is evident, with over 23,000 promotions in 2024 and a focus on creating a positive workplace culture.
The filing also highlighted challenges, including rising labor costs and ingredient prices, which have been influenced by inflation and supply chain issues. Chipotle has implemented measures to mitigate these risks, such as diversifying its supplier base and enhancing its food safety protocols. Looking ahead, the company anticipates continued growth in comparable restaurant sales in the low to mid-single digits for 2025, while maintaining a focus on operational efficiency and customer satisfaction. Chipotle's strategic initiatives, including its Cultivate Next Fund for early-stage investments, further underscore its commitment to long-term growth and sustainability.
About CHIPOTLE MEXICAN GRILL INC
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