The following is a summary of the Chipotle Mexican Grill, Inc. (NYSE: CMG) Q4 2023 Earnings Call Transcript:

Financial Performance:

2023 annual sales grew by 14% to $9.9 billion and fourth quarter sales grew 15% to $2.5 billion, both driven by strong comp growth.
Digital sales represented 37% of all sales for the full year and 36% for Q4.
Restaurant level margin improved, reaching 26.2% for the full year and 25.4% for Q4.
Adjusted diluted EPS was $44.86 for the full year, a 37% growth over last year.
The company ended the year with a robust balance sheet holding $1.9 billion in cash and investments, and no debt.
Chipotle forecasts mid-single digit comp growth for fiscal 2024 and a lower cost of sales in Q1 2024.

Business Progress:

Successfully opened a record 271 new restaurants in 2023, including 238 featuring Chipotlane concept.
Continues to focus on five key strategies: people leadership, successful restaurants, brand visibility, technology and innovation, and expanding access, with a plan to open between 285 and 315 new restaurants in 2024.
Made significant advancements in building a solid foundation around throughput and improving digital experience.
Invested in developing and retaining talent, promoting over 24,000 people, with over 90% of all restaurant management roles being filled internally.
Planning to roll out one to two limited-time offers in 2024.
Expects challenges in 2024 due to high interest rates and local authority-related issues; however, forecasts 8-10% overall growth by 2025.