Chipotle Mexican Grill Inc. has reported financial results for its first quarter ended March 31, 2011.
Highlights for quarter include a comparable same-store sales increase of 12.4 percent, driven by an increase in store traffic.
Revenue for the quarter was $509.4 million, up 24.3 percent from the prior-year period. The growth in revenue was the result of new restaurants not in the comparable base and the increase in same-store sales.
Net income for the first quarter of 2011 was $46.4 million, or $1.46 per diluted share, compared to $37.8 million, or $1.19 per diluted share, in the first quarter of 2010.
“We are pleased to have begun 2011 with a strong quarter, and that we continue to drive great results while remaining true to our vision to change the way people think about and eat fast food. By focusing on finding the best ingredients we can get, preparing food using classic cooking techniques, and developing a people culture that is as unique as our food culture, we are building a very different kind of restaurant company and producing great results for our shareholders," said Steve Ells, founder, chairman and co-CEO of Chipotle.
During the quarter, Chipotle opened 12 new restaurants, including one relocation, bringing the total restaurant count to 1,095.
Restaurant level operating margin was 25.2 percent in the quarter, a decrease of 90 basis points over the prior year period. The decrease was primarily driven by increased food costs and increased promotional spending, partially offset by the positive impact of same-store sales growth.
For the full year 2011, company executives plan to open 135-145 new restaurants and deliver single-digit same-store sales growth
