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HomeTop Global NewsChipotle Mexican Grill (CMG) Q3 2023 earnings

Chipotle Mexican Grill (CMG) Q3 2023 earnings


Food is served at a Chipotle restaurant on in Chicago, Illinois.

Scott Olson | Getty Images

Chipotle Mexican Grill is expected to report its third-quarter earnings after the bell Thursday.

Here’s what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, are expecting:

  • Earnings per share: $10.55 expected
  • Revenue: $2.47 billion expected

The burrito chain recently raised prices for the first time in over a year, citing inflation. Before the pandemic, Chipotle typically waited until December to hike prices, but higher labor and commodity costs pushed the chain to raise menu prices more aggressively in the past two years. The company backed off from price hikes earlier this year as consumers curbed restaurant spending.

Chipotle’s third-quarter results won’t include the most recent price hikes. The company is anticipating same-store sales growth in the low-to-mid single digit range for the quarter, while Wall Street is projecting 4.6% same-store sales growth, according to StreetAccount estimates.

For the full year, Chipotle expects same-store sales growth in the mid-to-high single digit range.

The company’s stock has climbed 30% this year, giving it a market value of $49.8 billion.



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