Chipotle Mexican Grill, Inc. (NYSE:CMG) Q3 2023 Earnings Call Transcript

Peter Saleh: Great. And then just my last question would be on, have you seen any difference in sales performance for the urban versus suburban stores these days? Is the return to office, are you seeing any improvement there? Just any clarity around that would be helpful. Thank you.

Jack Hartung: Yes, the comps have gotten a lot closer. The urban still outperformed the suburban by about 100 basis points or something like that. So it’s much, much, much closer. But I would say the central business districts are still behind. In terms of an absolute sales basis if you look at pre-pandemic and where we are today, the central business districts are still behind. But from a comp standpoint, they’re performing in the same general range.

Peter Saleh: Thank you very much.

Jack Hartung: Thank you.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Brian Niccol for any closing remarks.

Brian Niccol: Thank you. And thanks everybody for the questions and joining the call. Obviously, we’re very proud of our teams and the results that we’ve delivered in the third quarter. It’s very exciting to see our efforts on throughput driven by having the team’s staff trained and deployed correctly, continuing to make progress and then with our strong value proposition, seeing that show up in transactions as the driver of growth. We’re going to continue to stay focused on executing great throughput. We’re going to continue to stay focused on great culinary. We’re going to continue to stay focused on having great people that are trained and know exactly what they need to do in their position. So very excited about the results we’ve achieved but very optimistic about our future, both in building new units and continuing to drive average unit volumes and margins. So thank you for taking the time and we’ll see you in a couple months. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.