Fast casual restaurant chain Chipotle Mexican Grill has posted total revenue of $2.5 billion for the fourth quarter, up 15.4 per cent year on year.

Quarterly comparable sales jumped 8.4 per cent thanks to a 7.4 per cent increase in transactions and 121 new restaurant openings.

Food, beverage and packaging costs increased due to inflation, partially offset by higher menu prices and lower paper costs.

For the full year, Chipotle logged a 14.3 per cent increase in total revenue to $9.9 billion, with comparable restaurant sales up 7.9 per cent. Net income was $1.23 billion compared to $899.1 million in FY22.

The company opened 271 new restaurants, bringing the total restaurant count at year-end to 3437. The firm also signed its first development agreement in the Middle East to open locations in Dubai and Kuwait.

Brian Niccol, chairman and CEO of Chipotle, described 2023 as an “outstanding year” with strong transaction growth driven by throughput and menu innovation.

“I am more confident than ever that we have the right people and the right strategy to achieve our long-term growth goals of reaching 7000 restaurants in North America, $4 million in AUVs, expanding our industry-leading margins and returns and furthering our purpose of ‘Cultivating a Better World’ globally.”

For FY24, the restaurant chain expects comparable restaurant sales growth in the mid-single digit range and 285 to 315 new restaurant openings.

Founded in 1993, Chipotle currently operates in the US, Canada, the UK, France and Germany.