News

Chipotle reports solid growth in Q4

January 30, 2014

Chipotle Mexican Grill today reported that revenue increased 20.7 percent to $844.1 million and comparable restaurant sales were up 9.3 percent during Q4, compared to the same period last year.

Other highlights for the fourth quarter of 2013 as compared to the fourth quarter of 2012 included:

• Restaurant level operating margin was 25.6 percent, an increase of 100 basis points;
• Net income was $79.6 million, an increase of 29.8 percent;
• Diluted earnings per share was $2.53, an increase of 29.7 percent; and
• 56 new restaurant openings.

"We are very proud of our accomplishments during 2013. Over the past 20 years, we have created a very unique and special restaurant company," Steve Ells, founder, chairman and co-CEO of Chipotle, said in a company press release. "Chipotle is a place that appeals to a diverse customer base throughout the country and beyond."

Highlights for the 12 months ended Dec. 31, 2013, as compared to the prior year included that:

• Revenue increased 17.7 percent to $3.21 billion.
• Comparable restaurant sales increased 5.6 percent.
• Restaurant level operating margin was 26.6 percent, a decrease of 50 basis points.
• Net income was $327.4 million, an increase of 17.8 percent.
• Diluted earnings per share was $10.47, an increase of 19.7 percent, and
• The chain opened 185 new restaurants.

"Our fourth quarter and 2013 results demonstrated our ability to focus on and run great restaurants," said Monty Moran, co-CEO of Chipotle. "Our empowered restaurant teams continued to delight our customers and provide an exceptional dining experience to our guests as more people were attracted to and visited our restaurants than ever before."

This year's outlook

For 2014, management expects to open about 180 to 195 new restaurants and low-to-mid-single digit comparable restaurant sales, excluding any menu price increases, according to the release.

Read more about operations management.