Chipotle Mexican Grill, Inc. Announces Third Quarter 2011 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2011.

Highlights for the third quarter of 2011 as compared to the third quarter of 2010 include:

• Revenue increased 24.1% to $591.9 million
• Comparable restaurant sales increased 11.3%
• Restaurant level operating margin was 26.7%, a decrease of 100 basis points
• Food costs were 33.1% of sales, an increase of 250 basis points driven by rising commodity costs
• Net income was $60.4 million, an increase of 25.3%
• Diluted earnings per share was $1.90, an increase of 25.0%

Highlights for the nine months ended September 30, 2011 as compared to the prior year include:

• Revenue increased 23.6% to $1.67 billion
• Comparable restaurant sales increased 11.2%
• Restaurant level operating margin was 25.9%, a decrease of 100 basis points
• Food costs were 32.7% of sales, an increase of 230 basis points driven by rising commodity costs
• Net income was $157.5 million, an increase of 18.8%
• Diluted earnings per share was $4.96, an increase of 18.7%

"Chipotle’s strong performance in the quarter and throughout the year is the result of our strong food culture, where we are constantly striving for more sustainable sources for all of our ingredients; and our special people culture, where top performers throughout the company are creating an extraordinary dining experience for each customer,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Third quarter 2011 results

Revenue for the quarter was $591.9 million, up 24.1% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and an 11.3% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic in the quarter as well as the impact of menu price increases implemented between March and August.

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