News

Chipotle reports 12% comps increase in Q1

April 22, 2012

Chipotle Mexican Grill, Inc. has reported financial results for its first quarter ended March 31, 2012.

Highlights for the first quarter of 2012 as compared to the first quarter of 2011 include:

• Revenue increased 25.8 percent to $640.6 million
• Comparable restaurant sales increased 12.7 percent 
• Restaurant level operating margin was 27.4 percent, an increase of 220 basis points
• Net income was $62.7 million, an increase of 35.1 percent

"We're delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps and record earnings during the quarter," said Steve Ells, founder, chairman and co-CEO of Chipotle.

During the quarter, Chipotle opened 32 new restaurants including one in Toronto, bringing the total restaurant count to 1,262.

"Our strong people culture continues to drive our success in attracting loyal customers and delivering exceptional results. Our restaurant teams are ambitious, passionate, and dedicated to delivering the best dining experience possible. Our efforts to hire and develop top performing crews will continue to lead to stronger future leaders running our restaurants, and ensure our customers will enjoy the best customer service possible," said Monty Moran, co-CEO.

For the full year 2012, management expects the following:

• 155-165 new restaurant openings
• Mid-single digit comparable restaurant sales growth
• Food inflation of mid-single digits

Read more about operations management.