News

Chipotle Mexican Grill Q2 jumps up 20%

July 22, 2010

Chipotle Mexican Grill Inc. has reported financial results for its second quarter ended June 30, 2010.

“The second quarter was filled with a number of very exciting milestones. We opened our first restaurant in London; we opened our 1,000th restaurant in Flower Mound, Texas; and we continued to advance our Food with Integrity program by introducing barbacoa made with naturally raised beef into all of our restaurants,” said founder, chairman, and Co-CEO Steve Ells.

For the quarter, same-store sales increased 8.7 percent, primarily driven by increased traffic in the quarter.

The comps increase also was a large contributor to the company’s 20.1 percent increase in revenue. Revenue for the quarter was $466.8 million.

Net income for the second quarter of 2010 was $46.5 million, or $1.46 per diluted share, compared to $35.4 million, or $1.10 per diluted share, in the second quarter of 2009.

During the quarter Chipotle opened 25 new restaurants, bringing the total restaurant count to 1,001.

Results for the six months

For the first six months of the second period, revenue increased 17.9 percent to $876.5 million. The growth in revenue was the result of new restaurants not in the comparable base and a 6.6 percent increase in comp sales.

Comparable restaurant sales growth was primarily driven by increased traffic during the first six months of 2010.

Net income for the first six months of 2010 was $84.3 million, or $2.65 per diluted share, compared to $60.8 million, or $1.88 per diluted share, in the first six months of 2009.

“Our unique people culture – one that appeals to and rewards high performers –is the driving force behind all of our accomplishments. Our high performing managers are creating a culture of empowerment in their restaurants, enabling our energetic and ambitious crew to treat each customer to the best dining experience possible. And our strong comps are a clear indication that our restaurant teams’ efforts are paying off,” said Co-CEO Monty Moran.

For 2010, management expects to open 120-130 new restaurants and mid to high single-digit comparable restaurant sales growth.