Chipotle (CMG) will report Q3 earnings after the close today, with a 4:30 p.m. ET call.
FactSet consensus projects EPS of $0.25 and 14% revenue growth to $2.82 billion. Recently, Chipotle completed a 50-for-1 stock split, impacting EPS comparisons.
Last quarter, CMG saw a modest EPS beat and 18.2% revenue growth but fell slightly below investor expectations. Comparable sales rose by 11.1%, marking the highest for 2023, though guidance indicates mid-to-high single-digit comps for FY24. The company plans to open 285-315 new locations in 2024, mostly with Chipotlanes.
Leadership changes are also in focus; former CEO Brian Niccol transitioned to Starbucks, with COO Scott Boatwright currently serving as Interim CEO. Investors are awaiting an official CEO announcement and insights into their vision for the brand’s growth.
TECHS:
After a mid-year dip, CMG’s stock has begun recovering, although broader food industry challenges and lackluster Q2 beats may weigh on sentiment. However, challenges at competitors like McDonald’s could benefit Chipotle by drawing more customers.
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