2024-04-24 19:35:25 ET
Chipotle Mexican Grill, Inc. (CMG)
Q1 2024 Earnings Conference Call
April 24, 2024 4:30 PM ET
Company Participants
Cindy Olsen - Head of IR and Strategy
Brian Niccol - Chairman and CEO
Jack Hartung - Chief Financial and Chief Administrative Officer
Conference Call Participants
David Tarantino - Baird
Lauren Silberman - Deutsche Bank
Andrew Charles - TD Cowen
Sara Senatore - Bank of America
Jon Tower - Citigroup
Dennis Geiger - UBS
John Ivankoe - JPMorgan
Sharon Zackfia - William Blair
Brian Harbour - Morgan Stanley
Chris O'Cull - Stifel
Presentation
Operator
Good day and welcome to the Chipotle Mexican Grill First Quarter 2024 Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.
Cindy Olsen
Hello, everyone, and welcome to our First Quarter Fiscal 2024 Earnings Call. By now, you should have access to our earnings press release. If not, it may be found on our investor relations website at ir.chipotle.com. I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements.
These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our Annual Report on Form 10-K and in our Form 10-Q for a discussion of risk that may cause our actual results to vary from these forward-looking statements. Our discussion today will include non-GAAP financial measures. A reconciliation to GAAP measures can be found via the link included on the presentation page within the investor relations section of our website.
We will start today's call with prepared remarks from Brian Niccol, Chairman and Chief Executive Officer, and Jack Hartung, Chief Financial and Administrative Officer, after which we will take your questions. Our entire executive leadership team is available during the Q&A session. And with that, I will turn the call over to Brian.
Brian Niccol
Thanks, Cindy, and good afternoon, everyone. The momentum in the business continued in the first quarter as we delivered 7% comp sales growth driven by over 5% transaction growth. Our strong sales trends were fueled by our focus on improving throughput in our restaurants, as well as successful marketing campaigns, including spotlighting Barbacoa and the return of Chicken Al Pastor as a limited time offer....
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Chipotle Mexican Grill, Inc. (CMG) Q1 2024 Earnings Call Transcript