Chipotle Mexican Grill, Inc. Announces Second Quarter 2013 Results

Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2013.

Highlights for the second quarter of 2013 as compared to the second quarter of 2012 include:
  • Revenue increased 18.2% to $816.8 million
  • Comparable restaurant sales increased 5.5%
  • Restaurant level operating margin was 27.6%, a decrease of 160 basis points
  • Net income was $87.9 million, an increase of 7.6%
  • Diluted earnings per share was $2.82, an increase of 10.2%
  • Opened 44 new restaurants

Highlights for the six months ended June 30, 2013 as compared to the prior year include:
  • Revenue increased 15.9% to $1.54 billion
  • Comparable restaurant sales increased 3.4%
  • Restaurant level operating margin was 27.0%, a decrease of 130 basis points
  • Net income was $164.4 million, an increase of 13.9%
  • Diluted earnings per share was $5.27, an increase of 16.3%
  • Opened 92 new restaurants

“This month marks Chipotle’s 20 th anniversary. What started out as one restaurant serving burritos and tacos, has evolved into a national brand which is changing the way people think about and eat fast food. Our vision has connected with our loyal customers, who visit Chipotle to enjoy great tasting food made from premium ingredients. It's rewarding to look back and see what we've accomplished, but it's even more inspiring to think about what lies ahead over the next twenty years.” said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

Second quarter 2013 results

Revenue for the quarter was $816.8 million, up 18.2% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 5.5% increase in comparable restaurant sales. Comparable restaurant sales growth was driven by increased traffic and from the benefit of one additional trading day in the quarter as compared to the second quarter of 2012.

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