DENVER — Chipotle Mexican Grill Inc. has reported financial results for its fourth quarter and full year ended Dec. 31, 2007.
For the fourth quarter, comparable-restaurant sales increased 10.6 percent.
Revenue increased 31.5 percent to $288.9 million, up from $219.7 million in the fourth quarter of 2006. Net income for the fourth quarter of 2007 was $17.5 million, or 53 cents per diluted share, compared to $10.8 million, or 33 cents per diluted share in the fourth quarter of 2006.
Chipotle opened 37 restaurants during the fourth quarter of 2007, including 31 restaurants in existing markets and six restaurants in new markets.
Full year 2007 results
For the year, comps increased 10.8 percent, primarily due to an increase in customer visits.
Revenue for the 12 months increased 31.9 percent to $1.1 billion, up from $822.9 million in FY ‘06. Net income for 2007 was $70.6 million, up from $41.4 million reported in 2006.
Chipotle opened 125 restaurants during the period — 115 restaurants in existing markets and 10 restaurants in five new markets.
"Our results for the fourth quarter and full year 2007 reflect the significant efforts of our managers and crew, who prepare great-tasting food and provide exceptional customer service, while effectively managing our restaurants," said Jack Hartung, chief finance and development officer. "As we move into 2008, we fully recognize the operating environment will continue to be a challenge, characterized by pressures on food costs and restaurant-level margins."
For the full year 2008, management expects comparable-restaurant sales to increase in the low- to mid-single-digit range. The company also plans to open between 130 and 140 new locations.
