In a February 14th release, Chipotle Mexican Grill (CMG) posted financial results for the 4th quarter and FY 2022. This upscale restaurant company competes at the intersection of QSRs and casual dining, offering a menu of Mexican-themed dishes assembled cafeteria style. The Company experiences the same pressures of increased cost of ingredients, labor and packaging as competitors in an environment where consumers are impacted by inflation.
Same-store sales increased by 8.0 percent during FY 2022 compared to 2021. In-restaurant sales were up 26.4 percent. Digital orders comprised 39.4 percent of food and beverage sales.
For the 4th Quarter of FY 2022 ending December 31st, net income was $223.7 million on total revenue of $2,181 million. Comparable figures for the 4th quarter of fiscal 2021 ending December 31st were net income of $133.5 million on total revenue of $1,961 million. Diluted EPS increased 71.0 percent from $4.69 for the 4th quarter of fiscal 2021 to $8.02 for the most recent quarter.
For FY 2022 net income was $899.1 million on total revenue of $8,634 million. Comparable figures for fiscal 2021 were net income of $653.0 million on total revenue of $7,547 million. Diluted EPS increased 39.9 percent from $22.90 for fiscal 2021 to $32.04 for FY 2022. Comparing FY 2021 with the most recent year, total sales increased 14.4 percent and operating and profit margins were up by 10.7 and 8.7 percent respectively.
The Company provided guidance for FY 2023 comprising a low double-digit increase in sales growth. Restaurant openings are forecast in a range of 255 to 285 units most with drive-through lanes. Chipotle operates approximately 3,187 stores in the U.S., Canada, U.K., France and Germany with all locations company-owned.
On December 31st CMG posted assets of $6,927 million, against lease obligations of $3,539 million but with no long-term debt. The Company had an intraday market capitalization of $44,788 million on February 17th. CMG trades with a forward P/E of 38.2 and has ranged over a 52-week period from $1,196 to $1,754 with a 50-day moving average of $1,531. Twelve-month trailing operating margin was 13.7 percent and profit margin 10.4 percent. Return on assets over the trailing twelve months was 10.9 percent with 38.5 percent on equity.