Fast casual restaurant chain Chipotle Mexican Grill has posted a 11.3 per cent increase in total revenue to $2.5 billion for the third quarter, driven by new restaurant openings.

Comparable restaurant sales increased 5 per cent year on year for the three months ended September 30, while diluted earnings per share was $11.32, up 23 per cent.

Restaurant level operating margin was 26.3 per cent compared to 25.3 per cent in the third quarter of 2022. The improvement was primarily due to the benefit of sales leverage, partially offset by higher inflation.

The company opened 62 new restaurants, with 54 locations including a drive-thru Chipotlane, designed to enhance customer access and convenience and boost sales.

“Chipotle’s value proposition including customized, delicious culinary served quickly with great hospitality, is stronger than ever which is translating to great results including sustained positive transaction growth,” said Brian Niccol, chairman and CEO.

For the full year, the chain anticipates comparable restaurant sales growth in the mid to high-single-digit range. The number of new restaurant openings is expected to be 255 to 285.

As of September 30, Chipotle had over 3300 restaurants in the US, Canada, the UK, France and Germany.