Chipotle Mexican Grill, Inc. Announces Fourth Quarter and Full Year 2014 Results

DENVER - (BUSINESS WIRE) - Feb. 3, 2015 - Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2014.

Highlights for the fourth quarter of 2014 as compared to the fourth quarter of 2013 include:

  • Revenue increased 26.7% to $1.07 billion
  • Comparable restaurant sales increased 16.1%
  • Restaurant level operating margin was 26.6%, an increase of 100 basis points
  • Net income was $121.2 million, an increase of 52.3%
  • Diluted earnings per share was $3.84, an increase of 51.8%
  • Opened 60 new restaurants

Highlights for the twelve months ended December 31, 2014 as compared to the prior year include:

  • Revenue increased 27.8% to $4.11 billion
  • Comparable restaurant sales increased 16.8%
  • Restaurant level operating margin was 27.2%, an increase of 60 basis points
  • Net income was $445.4 million, an increase of 36.0%
  • Diluted earnings per share was $14.13, an increase of 35.0%
  • Opened 192 new restaurants

"We continue to make significant progress on our important journey to change the way people think about and eat fast food," said Steve Ells, chairman and co-CEO of Chipotle. "Consumer trends are changing, which we believe is a great result of people becoming more discerning about where their food comes from, how it was raised, and how their meal was prepared. The continued loyalty we see from our customers, as well as third party research, and the growing number of concepts imitating Chipotle, all point to the relevance of our vision and the impact we are having on food culture. We are delighted to see that this vision, a very lofty goal, is becoming a reality."

Results for the fourth quarter 2014

Revenue for the quarter was $1.07 billion, up 26.7% from the prior year period. The growth in revenue was the result of a 16.1% increase in comparable restaurant sales and new restaurant openings. Comparable restaurant sales growth was primarily driven by an increase in customer visits, as well as the benefit of a nationwide menu price increase taken last summer.

During the quarter we opened 60 new restaurants, bringing the total restaurant count to 1,783.

Food costs were 35.0% of revenue, an increase of 110 basis points due primarily to higher dairy and beef costs, partially offset by the benefit from the menu price increase.

Restaurant level operating margin was 26.6% in the quarter, an increase of 100 basis points from the prior year period. The increase was primarily driven by favorable sales leverage partially offset by higher food costs.

General and administrative expenses were 5.7% of revenue, down 90 basis points from the prior year primarily due to the timing of our accrual for annual bonus and increased acceleration of stock compensation expense into the first three quarters of the year as another officer achieved retiree status during 2014.

Net income for the fourth quarter of 2014 was $121.2 million, or $3.84 per diluted share, compared to $79.6 million, or $2.53 per diluted share, in the fourth quarter of 2013.

Results for the full year ended December 31, 2014

Revenue for the full year of 2014 was $4.11 billion, up 27.8% from the prior year. The growth in revenue was the result of a 16.8% increase in comparable restaurant sales and new restaurant openings. Comparable restaurant sales growth was primarily driven by an increase in customer visits, along with the benefit of the nationwide menu price increase taken last summer.

During the full year, we opened 192 new restaurants.

Food costs were 34.6% of revenue, an increase of 120 basis points basis points due primarily to higher beef, avocado and dairy costs, partially offset by the menu price increase.

Restaurant level operating margin was 27.2% for the full year 2014, an increase of 60 basis points from the prior year. The increase was primarily driven by favorable sales leverage partially offset by higher food costs.

General and administrative expenses for the full year 2014 were 6.7% of revenue, 40 basis points higher than the prior year. The increase as a percent of revenue was driven by higher stock based compensation expense and costs in 2014 from our biennial All Managers' Conference, partially offset by favorable sales leverage.

Net income for the full year 2014 was $445.4 million, or $14.13 per diluted share, compared to $327.4 million, or $10.47 per diluted share for 2013.

Our Board of Directors has also approved the investment of up to an additional $100 million, exclusive of commissions, to repurchase shares of our common stock. This repurchase authorization, in addition to up to approximately $98 million available as of February 2nd for repurchases under a previously announced repurchase authorization, may be modified, suspended, or discontinued at any time.

"Our performance is the direct result of the vision we have set for ourselves and the development of a people culture that makes it possible to pursue such an ambitious goal," said Monty Moran, co-CEO at Chipotle. "By hiring teams of top performers and empowering them to achieve high standards, we are constantly enhancing the experience we provide in our restaurants and our potential to continue to provide great results for our shareholders."

Outlook

For 2015, management expects the following:

  • 190 - 205 new restaurant openings
  • Low to mid-single digit comparable restaurant sales increases
  • An estimated effective tax rate of 39.0%, which excludes federal work opportunity and R&D credits, which have not been renewed for 2015.

Definitions

The following definitions apply to these terms as used throughout this release:

Comparable restaurant sales represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its 13th full calendar month of operation.

Average restaurant sales refer to the average trailing 12-month sales for restaurants in operation for at least 12 full calendar months.

Restaurant level operating margin represents total revenue less restaurant operating costs, expressed as a percent of total revenue.

Conference Call

Chipotle will host a conference call to discuss complete fourth quarter and full year 2014 financial results on Tuesday, February 3, 2015 at 4:30 PM Eastern time.

The conference call can be accessed live over the phone by dialing 1-800-967-7135 or for international callers by dialing 1-719-325-2122. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176 or 1-858-384-5517 for international callers; the password is 3513793. The replay will be available until February 10, 2015. The call will be webcast live from the company's website at chipotle.com under the investor relations section. An archived webcast will be available one hour after the end of the call.

About Chipotle

Steve Ells, founder, chairman and co-CEO, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food from using ingredients that are not only fresh, but that--where possible--are sustainably grown and raised responsibly with respect for the animals, the land, and the farmers who produce the food. In order to achieve this vision, we focus on building a special people culture that is centered on creating teams of top performers empowered to achieve high standards. This people culture not only leads to a better dining experience for our customers, it also allows us to develop future leaders from within. Chipotle opened with a single restaurant in 1993 and operates more than 1,780 restaurants, including 17 Chipotle restaurants outside the US, nine ShopHouse Southeast Asian Kitchen restaurants, and is an investor in an entity that owns and operates two Pizzeria Locale restaurants. For more information, visit Chipotle.com.

Forward-Looking Statements

Certain statements in this press release, including statements regarding consumer trends and the impact of our vision to change the way the world thinks about and eats fast food, statements under the heading "Outlook" of our expected number of new restaurant openings, comparable restaurant sales, and effective tax rates in 2015, and statements regarding our potential to achieve results for shareholders are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "predict", "project", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales increases due to factors such as changes in consumer preferences or decreased consumer spending, our possible inability to increase menu prices or realize the benefits of menu price increases, or the impact of competition; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of immigration enforcement activities; the risk of food-borne illnesses and other health concerns about our food or dining out generally; risks relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks associated with our Food With Integrity strategy, including supply shortages and potential liabilities related to advertising claims and other marketing activities related to Food With Integrity; security risks associated with the acceptance of electronic payment cards or electronic storage and processing of confidential customer or employee information; risks relating to litigation; risks relating to our insurance coverage and self-insurance; our dependence on key personnel; risks related to our marketing and advertising strategies and ability to protect our brand and reputation; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on our Web site at chipotle.com.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31

 

 

 

2014

 

 

2013

Revenue

 

 

$

1,069,811

 

 

 

100.0

 

%

 

 

$

844,147

 

 

 

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

373,991

 

 

 

35.0

 

 

 

 

 

285,912

 

 

 

33.9

 

 

Labor

 

 

 

237,310

 

 

 

22.2

 

 

 

 

 

193,818

 

 

 

23.0

 

 

Occupancy

 

 

 

60,930

 

 

 

5.7

 

 

 

 

 

52,795

 

 

 

6.3

 

 

Other operating costs

 

 

 

112,732

 

 

 

10.5

 

 

 

 

 

95,389

 

 

 

11.3

 

 

General and administrative expenses

 

 

 

60,929

 

 

 

5.7

 

 

 

 

 

55,844

 

 

 

6.6

 

 

Depreciation and amortization

 

 

 

29,750

 

 

 

2.8

 

 

 

 

 

24,903

 

 

 

3.0

 

 

Pre-opening costs

 

 

 

4,088

 

 

 

0.4

 

 

 

 

 

4,775

 

 

 

0.6

 

 

Loss on disposal of assets

 

 

 

2,209

 

 

 

0.2

 

 

 

 

 

1,607

 

 

 

0.2

 

 

Total operating expenses

 

 

 

881,939

 

 

 

82.4

 

 

 

 

 

715,043

 

 

 

84.7

 

 

Income from operations

 

 

 

187,872

 

 

 

17.6

 

 

 

 

 

129,104

 

 

 

15.3

 

 

Interest and other income (expense), net

 

 

 

885

 

 

 

0.1

 

 

 

 

 

390

 

 

 

-

 

 

Income before income taxes

 

 

 

188,757

 

 

 

17.6

 

 

 

 

 

129,494

 

 

 

15.3

 

 

Provision for income taxes

 

 

 

(67,523

)

 

 

(6.3

)

 

 

 

 

(49,872

)

 

 

(5.9

)

 

Net income

 

 

$

121,234

 

 

 

11.3

 

%

 

 

$

79,622

 

 

 

9.4

 

%

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

(1,008

)

 

 

 

 

 

 

 

222

 

 

 

 

 

Comprehensive income

 

 

$

120,226

 

 

 

 

 

 

 

$

79,844

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

3.91

 

 

 

 

 

 

 

$

2.57

 

 

 

 

 

Diluted

 

 

$

3.84

 

 

 

 

 

 

 

$

2.53

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

31,024

 

 

 

 

 

 

 

 

31,019

 

 

 

 

 

Diluted

 

 

 

31,542

 

 

 

 

 

 

 

 

31,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

 

 

2014

 

 

2013

Revenue

 

 

$

4,108,269

 

 

 

100.0

 

%

 

 

$

3,214,591

 

 

 

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

1,420,994

 

 

 

34.6

 

 

 

 

 

1,073,514

 

 

 

33.4

 

 

Labor

 

 

 

904,407

 

 

 

22.0

 

 

 

 

 

739,800

 

 

 

23.0

 

 

Occupancy

 

 

 

230,868

 

 

 

5.6

 

 

 

 

 

199,107

 

 

 

6.2

 

 

Other operating costs

 

 

 

434,244

 

 

 

10.6

 

 

 

 

 

347,401

 

 

 

10.8

 

 

General and administrative expenses

 

 

 

273,897

 

 

 

6.7

 

 

 

 

 

203,733

 

 

 

6.3

 

 

Depreciation and amortization

 

 

 

110,474

 

 

 

2.7

 

 

 

 

 

96,054

 

 

 

3.0

 

 

Pre-opening costs

 

 

 

15,609

 

 

 

0.4

 

 

 

 

 

15,511

 

 

 

0.5

 

 

Loss on disposal of assets

 

 

 

6,976

 

 

 

0.2

 

 

 

 

 

6,751

 

 

 

0.2

 

 

Total operating expenses

 

 

 

3,397,469

 

 

 

82.7

 

 

 

 

 

2,681,871

 

 

 

83.4

 

 

Income from operations

 

 

 

710,800

 

 

 

17.3

 

 

 

 

 

532,720

 

 

 

16.6

 

 

Interest and other income (expense), net

 

 

 

3,503

 

 

 

0.1

 

 

 

 

 

1,751

 

 

 

0.1

 

 

Income before income taxes

 

 

 

714,303

 

 

 

17.4

 

 

 

 

 

534,471

 

 

 

16.6

 

 

Provision for income taxes

 

 

 

(268,929

)

 

 

(6.5

)

 

 

 

 

(207,033

)

 

 

(6.4

)

 

Net income

 

 

$

445,374

 

 

 

10.8

 

%

 

 

$

327,438

 

 

 

10.2

 

%

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

(2,049

)

 

 

 

 

 

 

 

596

 

 

 

 

 

Comprehensive income

 

 

$

443,325

 

 

 

 

 

 

 

$

328,034

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

14.35

 

 

 

 

 

 

 

$

10.58

 

 

 

 

 

Diluted

 

 

$

14.13

 

 

 

 

 

 

 

$

10.47

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

31,038

 

 

 

 

 

 

 

 

30,957

 

 

 

 

 

Diluted

 

 

 

31,512

 

 

 

 

 

 

 

 

31,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Balance Sheet

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

 

 

2014

 

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

419,465

 

 

 

 

$

323,203

 

Accounts receivable, net of allowance for doubtful accounts of $1,199 and $1,190 as of

 

 

 

 

 

 

 

 

 

December 31, 2014 and December 31, 2013, respectively

 

 

 

34,839

 

 

 

 

 

24,016

 

Inventory

 

 

 

15,332

 

 

 

 

 

13,044

 

Current deferred tax asset

 

 

 

18,968

 

 

 

 

 

13,212

 

Prepaid expenses and other current assets

 

 

 

34,795

 

 

 

 

 

34,204

 

Income tax receivable

 

 

 

16,488

 

 

 

 

 

3,657

 

Investments

 

 

 

338,592

 

 

 

 

 

254,971

 

Total current assets

 

 

 

878,479

 

 

 

 

 

666,307

 

Leasehold improvements, property and equipment, net

 

 

 

1,106,984

 

 

 

 

 

963,238

 

Long term investments

 

 

 

496,106

 

 

 

 

 

313,863

 

Other assets

 

 

 

42,777

 

 

 

 

 

43,933

 

Goodwill

 

 

 

21,939

 

 

 

 

 

21,939

 

Total assets

 

 

$

2,546,285

 

 

 

 

$

2,009,280

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

$

69,613

 

 

 

 

$

59,022

 

Accrued payroll and benefits

 

 

 

73,894

 

 

 

 

 

67,195

 

Accrued liabilities

 

 

 

102,203

 

 

 

 

 

73,011

 

Total current liabilities

 

 

 

245,710

 

 

 

 

 

199,228

 

Deferred rent

 

 

 

219,414

 

 

 

 

 

192,739

 

Deferred income tax liability

 

 

 

40,529

 

 

 

 

 

55,434

 

Other liabilities

 

 

 

28,263

 

 

 

 

 

23,591

 

Total liabilities

 

 

 

533,916

 

 

 

 

 

470,992

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of

 

 

 

 

 

 

 

 

 

December 31, 2014 and December 31, 2013, respectively

 

 

 

-

 

 

 

 

 

-

 

Common stock $0.01 par value, 230,000 shares authorized, and 35,394 and 35,245

 

 

 

 

 

 

 

 

 

shares issued as of December 31, 2014 and December 31, 2013, respectively

 

 

 

354

 

 

 

 

 

352

 

Additional paid-in capital

 

 

 

1,038,932

 

 

 

 

 

919,840

 

Treasury stock, at cost, 4,367 and 4,212 common shares at December 31, 2014 and

 

 

 

 

 

 

 

 

 

December 31, 2013, respectively

 

 

 

(748,759

)

 

 

 

 

(660,421

)

Accumulated other comprehensive income

 

 

 

(429

)

 

 

 

 

1,620

 

Retained earnings

 

 

 

1,722,271

 

 

 

 

 

1,276,897

 

Total shareholders' equity

 

 

 

2,012,369

 

 

 

 

 

1,538,288

 

Total liabilities and shareholders' equity

 

 

$

2,546,285

 

 

 

 

$

2,009,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Cash Flows

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31

 

 

 

2014

 

 

 

2013

Operating activities

 

 

 

 

 

 

 

 

 

Net income

 

 

$

445,374

 

 

 

 

$

327,438

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

110,474

 

 

 

 

 

96,054

 

Deferred income tax (benefit) provision

 

 

 

(20,671

)

 

 

 

 

2,103

 

Loss on disposal of assets

 

 

 

6,976

 

 

 

 

 

6,751

 

Bad debt allowance

 

 

 

9

 

 

 

 

 

19

 

Stock-based compensation expense

 

 

 

96,440

 

 

 

 

 

63,657

 

Excess tax benefit on stock-based compensation

 

 

 

(21,667

)

 

 

 

 

(38,379

)

Other

 

 

 

104

 

 

 

 

 

507

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

(10,966

)

 

 

 

 

(7,238

)

Inventory

 

 

 

(2,307

)

 

 

 

 

(1,950

)

Prepaid expenses and other current assets

 

 

 

(658

)

 

 

 

 

(6,806

)

Other assets

 

 

 

1,071

 

 

 

 

 

(1,354

)

Accounts payable

 

 

 

2,168

 

 

 

 

 

2,052

 

Accrued liabilities

 

 

 

35,019

 

 

 

 

 

12,020

 

Income tax payable/receivable

 

 

 

8,831

 

 

 

 

 

44,334

 

Deferred rent

 

 

 

27,025

 

 

 

 

 

25,715

 

Other long-term liabilities

 

 

 

4,845

 

 

 

 

 

3,857

 

Net cash provided by operating activities

 

 

 

682,067

 

 

 

 

 

528,780

 

Investing activities

 

 

 

 

 

 

 

 

 

Purchases of leasehold improvements, property and equipment

 

 

 

(252,590

)

 

 

 

 

(199,926

)

Purchases of investments

 

 

 

(521,004

)

 

 

 

 

(387,639

)

Maturities of investments

 

 

 

254,750

 

 

 

 

 

159,250

 

Net cash used in investing activities

 

 

 

(518,844

)

 

 

 

 

(428,315

)

Financing activities

 

 

 

 

 

 

 

 

 

Acquisition of treasury stock

 

 

 

(88,338

)

 

 

 

 

(138,903

)

Excess tax benefit on stock-based compensation

 

 

 

21,667

 

 

 

 

 

38,379

 

Stock plan transactions and other financing activities

 

 

 

(66

)

 

 

 

 

173

 

Net cash used in financing activities

 

 

 

(66,737

)

 

 

 

 

(100,351

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(224

)

 

 

 

 

536

 

Net change in cash and cash equivalents

 

 

 

96,262

 

 

 

 

 

650

 

Cash and cash equivalents at beginning of year

 

 

 

323,203

 

 

 

 

 

322,553

 

Cash and cash equivalents at end of year

 

 

$

419,465

 

 

 

 

$

323,203

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

 

Income taxes paid

 

 

$

280,687

 

 

 

 

$

160,973

 

Increase in purchases of leasehold improvements, property and

 

 

 

 

 

 

 

 

 

equipment accrued in accounts payable and accrued liabilities

 

 

$

9,424

 

 

 

 

$

(1,736

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Supplemental Financial and Other Data

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

Dec. 31,

 

 

 

Sep. 30,

 

 

 

Jun. 30,

 

 

 

Mar. 31,

 

 

 

Dec. 31,

 

 

 

2014

 

 

 

2014

 

 

 

2014

 

 

 

2014

 

 

 

2013

Number of restaurants opened

 

 

 

60

 

 

 

 

 

43

 

 

 

 

 

45

 

 

 

 

 

44

 

 

 

 

 

56

 

Restaurant relocations

 

 

 

(1

)

 

 

 

 

-

 

 

 

 

 

(1

)

 

 

 

 

(2

)

 

 

 

 

-

 

Number of restaurants at end of period

 

 

 

1,783

 

 

 

 

 

1,724

 

 

 

 

 

1,681

 

 

 

 

 

1,637

 

 

 

 

 

1,595

 

Average restaurant sales

 

 

$

2,472

 

 

 

 

$

2,403

 

 

 

 

$

2,307

 

 

 

 

$

2,226

 

 

 

 

$

2,169

 

Comparable restaurant sales increases

 

 

 

16.1

%

 

 

 

 

19.8

%

 

 

 

 

17.3

%

 

 

 

 

13.4

%

 

 

 

 

9.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SOURCE Chipotle Mexican Grill, Inc.

Contact:

Mark Alexee
Chipotle Mexican Grill, Inc.
Investor Relations:
303-605-1042

###

Share this Story:

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Scooter's Coffee
The success of the Scooter's Coffee franchise is based upon a commitment to quality products, fast and accurate service, and always delivering...
School of Rock
With more than a decade of experience and over 170 schools throughout North and South America, Africa and Asia Pacific, School of Rock is the leader...
BirthdayPak
BirthdayPak is an award-winning marketing platform that brings local upscale businesses together with their best customers.
Minuteman Press International
Minuteman Press is the world's largest & number 1 rated printing & marketing franchise. Our business model features multiple revenue streams,...
Big O Tires, LLC
With more than 50 years in the tire and automotive maintenance industry, Big O TiresĀ® is proud to be a world-class leader.

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2017. All Rights Reserved.

In Loving Memory Of Timothy Gardner (1987-2014)