Start Time: 16:30 January 1, 0000 5:29 PM ET

Chipotle Mexican Grill, Inc. (NYSE:CMG)

Q3 2023 Earnings Conference Call

October 26, 2023, 16:30 PM ET

Company Participants

Brian Niccol - Chairman and CEO

Jack Hartung - Chief Financial and Chief Administrative Officer

Cindy Olsen - Head of IR and Strategy

Conference Call Participants

Sara Senatore - Bank of America

David Tarantino - Baird

Dennis Geiger - UBS

Andrew Charles - TD Cowan

David Palmer - Evercore ISI

Lauren Silberman - Deutsche Bank

John Ivankoe - JPMorgan

Brian Mullan - Piper Sandler

Brian Harbour - Morgan Stanley

Sharon Zackfia - William Blair

Danilo Gargiulo - Bernstein

Jeff Bernstein - Barclays

Peter Saleh - BTIG

Operator

Good day, and welcome to the Chipotle Mexican Grill Third Quarter 2023 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this 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.

Cindy Olsen

Hello, everyone, and welcome to our third quarter fiscal 2023 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations Web site 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 projections in the forward-looking statements. Please see the risk factors contained in our Annual Report on Form 10-K and in our Form 10-Q for a discussion of risks that may cause our actual results to vary from these forward-looking statements.

Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the Investor Relations section of our Web site.

We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer; and Jack Hartung, Chief Financial and Administrative Officer, after which we will take your questions. Our entire Executive leadership team is available during the Q&A session.

And with that, I'll turn the call over to Brian.

Brian Niccol

Thanks, Cindy, and good afternoon, everyone. Our focus on exceptional food and exceptional people continues to drive strong results, including positive transaction trends that accelerated throughout the quarter. For the quarter, sales grew over 11% to reach $2.5 billion driven by a 5% comp. Digital sales represented 37% of sales.