Chipotle Mexican Grill, Inc. Announces Second Quarter 2012 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2012.

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

• Revenue increased 20.9% to $690.9 million
• Comparable restaurant sales increased 8.0%
• Restaurant level operating margin was 29.2%, an increase of 340 basis points
• Net income was $81.7 million, an increase of 61.2%
• Diluted earnings per share was $2.56, an increase of 61.0%

Highlights for the six months ended June 30, 2012 as compared to the prior year include:

• Revenue increased 23.2% to $1.33 billion
• Comparable restaurant sales increased 10.2%
• Restaurant level operating margin was 28.3%, an increase of 280 basis points
• Net income was $144.3 million, an increase of 48.8%
• Diluted earnings per share was $4.53, an increase of 48.0%

"We are pleased that our continued focus on improving the quality and taste of our food, along with strengthening our people culture, has lead to a better dining experience for our customers, and ultimately better financial results for our shareholders,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Second quarter 2012 results

Revenue for the quarter was $690.9 million, up 20.9% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and an 8.0% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by the impact of menu price increases, most of which were taken in 2011, as well as from increased traffic.

During the quarter we opened 55 new restaurants, including our first restaurant in Paris, France, bringing the total restaurant count to 1,316.

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