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Chipotle Mexican Grill, Inc. Announces Fourth Quarter And Full Year 2013 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2013.

Highlights for the fourth quarter of 2013 as compared to the fourth quarter of 2012 include:
  • Revenue increased 20.7% to $844.1 million
  • Comparable restaurant sales increased 9.3%
  • Restaurant level operating margin was 25.6%, an increase of 100 basis points
  • Net income was $79.6 million, an increase of 29.8%
  • Diluted earnings per share was $2.53, an increase of 29.7%
  • Opened 56 new restaurants

Highlights for the twelve months ended December 31, 2013 as compared to the prior year include:
  • Revenue increased 17.7% to $3.21 billion
  • Comparable restaurant sales increased 5.6%
  • Restaurant level operating margin was 26.6%, a decrease of 50 basis points
  • Net income was $327.4 million, an increase of 17.8%
  • Diluted earnings per share was $10.47, an increase of 19.7%
  • Opened 185 new restaurants

“We are very proud of our accomplishments during 2013. Over the past 20 years, we have created a very unique and special restaurant company. Chipotle is a place that appeals to a diverse customer base throughout the country and beyond. We offer our customers a range of flavors from a focused selection of beautiful, top-quality ingredients that are expertly prepared by a passionate team of extraordinary people. Our focus on our unique people and food cultures has created an impressive demand for a restaurant experience that is redefining fast food for the better,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Results for the fourth quarter 2013

Revenue for the quarter was $844.1 million, up 20.7% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 9.3% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by the impact of increased traffic.

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