Print Page  |  Close Window

SEC Filings

8-K
CHIPOTLE MEXICAN GRILL INC filed this Form 8-K on 07/25/2017
Entire Document
 << Previous Page | Next Page >>
2017Q2 Earnings Release

 

Exhibit 99.1



 

Picture 4

EARNINGS RELEASE

Contact: Mark Alexee

(303) 605-1042

malexee@chipotle.com





Chipotle Second Quarter diluted EPS Increased 167% on Comparable REstaurant sales Increase of 8.1% and revenue growth of 17.1%

Denver, Colorado  (Business Wire)  –July 25, 2017 Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2017.

Overview for the three months ended June 30, 2017 as compared to the three months ended June 30, 2016:

·

Revenue increased 17.1% to $1.17 billion

·

Comparable restaurant sales increased 8.1%

·

Restaurant level operating margin increased to 18.8% from 15.5%

·

Net income was $66.7 million, an increase from $25.6 million 

·

Diluted earnings per share was $2.32, an increase from $0.87

·

Opened 50 new restaurants, and closed two restaurants

Overview for the six months ended June 30, 2017 as compared to the six months ended June 30, 2016:

·

Revenue increased 22.1% to $2.24 billion

·

Comparable restaurant sales increased 12.5%

·

Restaurant level operating margin was 18.3%, an increase from 11.6%

·

Net income was $112.9 million, an increase from a  net loss of $0.8 million

·

Diluted earnings per share was $3.92, an increase from diluted loss per share of $0.03

·

Opened 107 new restaurants and closed or relocated 18 restaurants, including the closure of 15 ShopHouse locations

“We saw encouraging signs in our improved financial results during the first half of the year.  Recent events, however, have shown that we still have a lot of opportunity to improve our operations and deliver the outstanding experience that our customers expect,” said Steve Ells, Founder, Chairman and CEO of Chipotle.  “We will continue to strengthen our teams, enhance our technology, and expand our menu offerings in order to delight every customer who visits us.”

Second quarter 2017 results

Revenue for the quarter was $1.17 billion, up 17.1% from the second quarter of 2016.  The increase in revenue was driven by new restaurant openings and an 8.1% increase in comparable restaurant sales. Comparable restaurant sales improved primarily due to an increase in customer visits, along with an increase in average check as a result of a reduction in promotional activity. We opened 50 new restaurants during the quarter, and closed two restaurants, bringing the total restaurant count to 2,339.

Food costs were 34.1% of revenue, a decrease of 10 basis points as compared to the second quarter of 2016. Higher avocado costs were offset by lower costs from bringing the preparation of lettuce and bell peppers back into our restaurants, as well as the benefit of menu price increases in select restaurants in the second quarter of 2017, and a decrease in paper usage and costs. 

Restaurant level operating margin was 18.8% in the quarter, an improvement from 15.5% in the second quarter of 2016.  The increase was driven primarily by sales leverage along with more efficient scheduling and deployment of our managers and crew. Marketing and promotional expenses were 3.7% of sales, or 70 basis points lower than the second quarter of 2016, due primarily

 


 

 << Previous Page | Next Page >>