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Fast food chain Chipotle Mexican Grill (NYSE: CMG ) on Tuesday reported higher sales and profits for the fourth quarter of 2022 amid continued growth in same-store sales.
Net income, excluding special items, rose to $8.29 per share in the final three months of 2022 from $5.58 per share in the same period last year. On a reported basis, fourth quarter net income was $223.7 million or $8.02 per share, compared to $133.5 million or $4.69 per share last year.
Driving earnings growth, profits rose 11.2% from a year ago to $2.2 billion in the December quarter. Same-restaurant sales rose 5.6% year-over-year.
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“Our continued focus on recruiting and retaining the best people, delivering Chipotle’s operational standards with delicious food prepared fresh every day uniquely positions Chipotle to successfully expand to 7,000 restaurants over the long term,” said Chipotle CEO Brian Niccol.
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