Chipotle Mexican Grill, Inc. (NYSE:CMG) Q4 2023 Earnings Call Transcript

Brian Niccol: They’ve actually been a really good driver of new customers. So and that’s one of the things we look for when we do our testing is how well are they at bringing in new customers? And they’ve been a really nice tool to bring in new customers. And unfortunately, even when we have the LTO walk away, people are really hooked on the experience, that being culinary, right, that quality, the convenience, the speed, the customization. So it’s been a really good tool.

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

Brian Niccol: All right, thank you. And thanks everybody for joining the call and the questions. I do want to start off with, again, thanking, our 115, 000 team members. We had an outstanding 2023. And without a doubt, it was because we led with, I think, much better performance in the restaurants. And this is a real testament to our employees, staying focused, getting after the basics and working towards hitting our standards. So we had some really big milestones, right? We surpassed 3, 400 restaurants. We opened 800 Chipotlanes. We got past 3 million in average unit volumes. And now we’re really excited about where we go next on this journey, which is we’ll be even better at throughput. We’ll be even faster. We’ll be even better on the culinary.

And I think that’s going to result in us achieving these 4 million average unit volumes in our 7, 000 restaurants in the future. So again, a big thank you to our team. And, obviously we’re excited about what’s next. So we’ll talk to you all here in the next couple of months. Thanks.

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