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Chipotle Mexican Grill, Inc. Announces Second Quarter 2014 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2014.

Highlights for the second quarter of 2014 as compared to the second quarter of 2013 include:
  • Revenue increased 28.6% to $1.05 billion
  • Comparable restaurant sales increased 17.3%
  • Restaurant level operating margin was 27.3%, a decrease of 30 basis points
  • Net income was $110.3 million, an increase of 25.5%
  • Diluted earnings per share was $3.50, an increase of 24.1%
  • Opened 45 new restaurants

Highlights for the six months ended June 30, 2014 as compared to the prior year include:
  • Revenue increased 26.6% to $1.95 billion
  • Comparable restaurant sales increased 15.5%
  • Restaurant level operating margin was 26.7%, a decrease of 30 basis points
  • Net income was $193.3 million, an increase of 17.6%
  • Diluted earnings per share was $6.14, an increase of 16.5%
  • Opened 89 new restaurants

“We’re pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company. These extraordinary results are made possible by our special food culture, innovative people culture, and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food,” said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

Monty Moran, co-CEO, continued, “Empowered teams of top performers can accomplish amazing things. Our Restaurateurs form the foundation of Chipotle’s culture, setting a standard for everyone else to follow. We are deeply committed to these leaders and the unique people culture they are building in their restaurants, which not only helps provide our guests with an exceptional dining experience, but also enables us to deliver great results to our shareholders.”

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