"Our performance in the third quarter confirms our brand and value proposition remain strong, even during a challenging economic environment, " CEO
For 2022, management is anticipating the following:
- Fourth quarter comparable restaurant sales growth in the mid to high-single digits.
- Between 235 to 250 restaurant openings, including 10 to 15 relocations to add a Chipotlane.
- An estimated underlying effective full year tax rate between 25% and 27% before discrete items
The brand expects to open 255 to 285 to locations in 2023.
Although food costs are on the rise,
Niccol, however, told investors the price increases did not undermine
"We continue to see a widening of trends by income level with the lower income consumer further reducing frequency. Fortunately, for
To put it into perspective, Niccol pointed out the average chicken burrito or bowl, which makes up about 50% of the chain's
"This is a tremendous value when you consider the quality of our food, including our food with integrity standards, the fresh preparation utilizing classic cooking techniques, the customization, generous portions and of course, the convenience and speed," he said during the call. "Our fresh preparation is particularly unique when comparing
"So again, when you combine all these elements, you get an industry-leading brand with a tremendous value offering."
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