News
Chipotle net income drops, revenue up
February 11, 2009
DENVER — Chipotle Mexican Grill Inc. has reported financial results for its fourth quarter and full year ended Dec. 31.
For the quarter, same-store sales increased 3.5 percent, mainly due to the impact of menu price increases partially offset by a decline in customer visits.
Meanwhile, revenue for the fourth quarter increased 19.5 percent to $345.3 million, up from $288.9 million reported in the fourth quarter of 2007. Revenue growth was attributed to new restaurants not in the comparable base and the same-store sales increase, according to a news release.
Net income for the quarter was $17 million, or $0.52 per diluted share, compared to $17.5 million, or $0.53 per diluted share in the fourth quarter of 2007.
Chipotle opened 39 new restaurants during the fourth quarter of 2008.
For the year
For the full year ended Dec. 31, Chipotle reported a same-store sales increase of 5.8 percent for. The increase was due to menu price increases and increases in customer visits, according to the company.
Revenue for the year increased 22.7 percent to $1.3 billion, up from $1.1 billion reported in the prior year. Revenue growth was attributed to new restaurants not in the comparable base and the annual same-store sales increase.
Net income for the twelve months increased 10.8 percent to $78.2 million, or $2.36 per diluted share, compared to $70.6 million, or $2.13 per diluted share in the prior year.
Chipotle opened 136 new restaurants during the year and as of Dec. 31, operated 837 restaurants.
For the full year 2009, Chipotle management expects full-year comps increases in the low single digits and 120-130 new restaurant openings.
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