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Chipotle Mexican Grill, Inc. Announces Fourth Quarter And Full Year 2012 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2012.

Highlights for the fourth quarter of 2012 as compared to the fourth quarter of 2011 include:
  • Revenue increased 17.2% to $699.2 million
  • Comparable restaurant sales increased 3.8%
  • Restaurant level operating margin was 24.6%, a decrease of 150 basis points
  • Net income was $61.4 million, an increase of 6.8%
  • Diluted earnings per share was $1.95, an increase of 7.7%
  • Opened 60 new restaurants

Highlights for the twelve months ended December 31, 2012 as compared to the prior year include:
  • Revenue increased 20.3% to $2.73 billion
  • Comparable restaurant sales increased 7.1%
  • Restaurant level operating margin was 27.1%, an increase of 110 basis points
  • Net income was $278.0 million, an increase of 29.3%
  • Diluted earnings per share was $8.75, an increase of 29.4%
  • Opened 183 new restaurants

“During 2012, we remained focused on our mission to change the way people think about and eat fast food. We're rewriting the fast food rules, sourcing more and more sustainably raised ingredients and respecting farmers, the environment, animals, and ultimately our customers. Our food culture has always set us apart from other fast food restaurants by using great quality ingredients and preparing food using classic cooking techniques in open kitchens on display for all to see. People appreciate these things and we’ll continue to stay focused on them,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Results for the fourth quarter 2012

Revenue for the quarter was $699.2 million, up 17.2% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 3.8% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by the impact of increased traffic.

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