Chipotle Mexican Grill, Inc. (NYSE:CMG) Q4 2023 Earnings Conference Call February 6, 2024 4:30 PM ET

Company Participants

Cindy Olsen - Head of Investor Relations and Strategy

Brian Niccol - Chairman and Chief Executive Officer

Jack Hartung - Chief Financial and Chief Administrative Officer

Conference Call Participants

Andrew Charles - TD Cowan

David Tarantino - Baird

Brian Harbour - Morgan Stanley

John Ivankoe - JPMorgan

Sara Senatore - Bank of America

Danilo Gargiulo - Bernstein

John Tower - Citigroup

Dennis Geiger - UBS

Brian Bittner - Oppenheimer & Company

Sharon Zackfia - William Blair

Operator

Good afternoon, and welcome to the Chipotle Fourth Quarter and Fiscal Year End 2023 Earnings Conference. All participants will be in listen-only mode. [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 fourth quarter and fiscal year end 2024 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 website.

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. We delivered outstanding results this year, driven by our focus on exceptional people, exceptional food and exceptional throughput. This is driving a much better experience for our teams and our guests and resulted in accelerating transaction growth throughout 2023. For the year, sales grew 14% to reach $9.9 billion driven by a 7.9% comp.