News

Q3 revenue up at Chipotle

Chipotle Mexican Grill reported today that revenue increased 12.2 percent to $1.2 billion during Q3 compared to last Q3 in 2014.

October 20, 2015

Chipotle Mexican Grill reported today that revenue increased 12.2 percent to $1.2 billion during Q3 compared to last Q3 in 2014.

Other highlights included:

• Comparable restaurant sales increased 2.6 percent;
• Restaurant level operating margin was 28.3 percent, a decrease of 50 basis points;
• Net income was $144.9 million, an increase of 10.8 percent;
• Diluted earnings per share was $4.59, an increase of 10.6 percent; and
• Opened 53 new restaurants.

"Chipotle's third quarter results demonstrate the continued success of our vision to change the way people think about and eat fast food," said Steve Ells, founder, chairman and co-CEO of Chipotle. "As we have grown our restaurants through the year, we are able to push our standards higher in what we can accomplish with our food culture. We have currently returned carnitas to 90 percent of our restaurants, and will look to bring it back to 100 percent of restaurants during the fourth quarter. I am grateful for our customers' continued support of our animal welfare standards, and want to thank them for their patience while we have worked hard to address this issue. I am confident that we have the right food culture and people culture in place for us to continue our momentum."

Highlights for the nine months ended Sept. 30, 2015, as compared to the nine months ended Sept. 30, 2014, include:

• Revenue increased 15.3 percent to $3.5 billion;
• Comparable restaurant sales increased 5.5 percent;
• Restaurant level operating margin was 27.9 percent, an increase of 50 basis points;
• Net income was $407.7 million, an increase of 25.8 percent;
• Diluted earnings per share was $12.92, an increase of 25.6 percent; and
• Opened 150 new restaurants.

Outlook

For 2015, management expects the following:

• Increasing guidance to 215-225 new restaurant openings, up from the previously announced range of 190-205;
• Low-to-mid-single-digit comparable restaurant sales increases; and
• An effective full-year tax rate of approximately 38.7 percent.

For 2016, management expects the following:

• 220-235 new restaurant openings;
• Low-single-digit comparable restaurant sales increases; and
• An effective full-year tax rate of approximately 38.7 percent.