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Chipotle CEO addresses Q3 results
September 11, 2008
DENVER — Chipotle Mexican Grill Inc. has announced a preliminary view of third quarter results. Details for the full three-month period ending Sept. 30, 2008, will be discussed on the company's upcoming quarterly conference call, scheduled for the third week of October.
Based on third quarter results to date, the impact of the weakened economy has resulted in further sales deceleration leading to comparable restaurant sales increases in the low single digits for the third quarter. The company is working on national pricing plans for the fourth quarter of 2008 to offset rapidly rising food costs. Specific details regarding the company's overall pricing strategy will be addressed on the October earnings conference call.
"Our preliminary view of the third quarter reflects a further deceleration in comparable restaurant sales combined with continued increases in food costs. We attribute current trends to the same macro-economic pressures that have affected other restaurant companies," said Chipotle founder, chairman and CEO Steve Ells.
"Despite these short term challenges, we remain focused on delivering an extraordinary dining experience to each and every customer, by serving great tasting food made with the best ingredients we can find."
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