News

Chipotle revenues, profits rise for Q3

October 19, 2012

Chipotle Mexican Grill Inc. reported financial results for its third quarter ended Sept. 30, 2012.

Highlights for the quarter as compared to Q3 2011 include:

• Revenue increased 18.4 percent to $700.5 million;
• Comparable restaurant sales increased 4.8 percent;
• Opened 36 new restaurants;
• Restaurant level operating margin was 27.4 percent, an increase of 70 basis points;
• Net income was $72.3 million, an increase of 19.6 percent; and
• Diluted earnings per share was $2.27, an increase of 19.5 percent.

For the year-to-date results, revenue is up 21.5 percent, while comp sales are up 8.3 percent. Chipotle has opened 123 new restaurants so far this year.

"We have always believed that good food should be affordable and accessible to everyone. 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 farmers and that is freshly prepared using classical cooking techniques is resonating with our customers. This is helping us realize our vision of changing the way people think about and eat fast food," said Steve Ells, founder, chairman and co-CEO of Chipotle.

Underlying sales transaction trends have remained stable throughout the past two quarters despite an uncertain economy and competitive environment, the company reported.

Transaction trends were about the same as the second quarter, but comparable restaurant sales increases were impacted by the loss of 330 basis points from price increases that rolled off during the quarter.

During the quarter we opened 36 new restaurants, including two restaurants in London, England, bringing the total restaurant count to 1,350.

"Our strong people culture continues to drive our success in both attracting loyal customers and in delivering exceptional results. Our restaurant teams are ambitious and passionate about developing teams of top performers who have high standards and are dedicated to delivering the best dining experience possible to our guests," added co-CEO Monty Moran.

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