Chipotle sees surge in sales, foot traffic

Chipotle Mexican Grill reported a surge in sales for its latest quarter, driven by higher menu prices. Its Q4 net income reached $282.1 million, or $10.21 per share.

The chain also said foot traffic rose 7.4% in the quarter ending December, a reversal from an industry-wide trend of declining customer visits.

The company’s stock surged over 2% in after-hours trading, outperforming McDonald’s and Starbucks.

CEO Brian Niccol expressed confidence in expanding the chain to 7,000 locations across North America. The chain also plans to release one to two limited-time menu items this year.

Chipotle’s revenue also exceeded expectations, reaching $2.52 billion, which was above the forecast of $2.49 billion.

Despite challenges like higher costs of beef, produce and queso, same-store sales jumped by 8.4%.

This year, Chipotle plans to open between 285 and 315 new locations. It will introduce innovative technologies like the Autocado for avocado scooping and automated make lines for burrito bowls and salads.