Chipotle Mexican Grill, Inc. Announces Third Quarter 2012 Results

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

Highlights for the third quarter of 2012 as compared to the third quarter of 2011 include:
  • Revenue increased 18.4% to $700.5 million
  • Comparable restaurant sales increased 4.8%
  • Opened 36 new restaurants
  • Restaurant level operating margin was 27.4%, an increase of 70 basis points
  • Net income was $72.3 million, an increase of 19.6%
  • Diluted earnings per share was $2.27, an increase of 19.5%

Highlights for the nine months ended September 30, 2012 as compared to the prior year include:
  • Revenue increased 21.5% to $2.03 billion
  • Comparable restaurant sales increased 8.3%
  • Opened 123 new restaurants
  • Restaurant level operating margin was 28.0%, an increase of 210 basis points
  • Net income was $216.6 million, an increase of 37.6%
  • Diluted earnings per share was $6.80, an increase of 37.1%

”We have always believed that good food should be affordable and accessible to everyone. We’re delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and farmers and that is freshly prepared using classical cooking techniques is resonating with our customers. This is helping us realize our vision of changing the way people think about and eat fast food,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Third quarter 2012 results

Underlying sales transaction trends have remained stable over the past two quarters despite an uncertain economy and competitive environment.

Revenue for the quarter was $700.5 million, up 18.4% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 4.8% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by the impact of increased traffic and to a lesser extent by menu price increases taken in the Pacific Region in 2012. Transaction trends were about the same as the second quarter, but comparable restaurant sales increases were impacted by the loss of 330 basis points from price increases that rolled off during the quarter.

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