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SEC Filings

CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/05/2005
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    Management's Passion, Not Just Experience

        Our senior management is comprised of people who bring a mix of restaurant and business experience to their work. But most importantly, the team is committed to making Chipotle's vision a part of all facets of our business. Steve Ells, our founder and Chief Executive Officer, holds a degree from the Culinary Institute of America. Before he opened our first store in 1993, Steve cooked at Stars restaurant in San Francisco under chef Jeremiah Tower. The Chipotle experience is infused with Steve's understanding of, and passion for, fine dining. Monty Moran, our President and Chief Operating Officer, joined Chipotle in March 2005, previously serving as chief executive officer of Messner & Reeves, LLC, a private law firm, and as general counsel of Chipotle for much of our history. Jack Hartung, our Chief Finance and Development Officer, joined Chipotle in 2002, after spending 18 years with McDonald's, where he held a variety of management positions. Most recently, Jack was vice president and chief financial officer for McDonald's Partner Brands group, where he oversaw Chipotle's financial operations from December 1999 to August 2002. Bob Wilner, our Chief Administrative Officer, joined Chipotle in 2002, and previously served as vice president of human resources for McDonald's Partner Brands group. Together, our senior management team will beneficially own about            % of the combined voting power of our outstanding stock and            % of the economic interest in our outstanding common stock after this offering.

Where We Go From Here

        We believe that our growth has been driven by the appeal of our food, the clarity of our vision, the increasing strength of our brand and our commitment to constantly improving our customer experience. We anticipate that our growth plans for the foreseeable future will continue to be rooted in these fundamentals as we bring the Chipotle experience to more people.

    Working to Change the Way People Eat

        Our menu is intentionally simple. By focusing on just a few menu items, we can concentrate our effort on doing a few things very well. We haven't really changed our approach that much since 1993, but we've strived to make our food taste better. For example, we've tried to improve the quality of our ingredients, when we can do so at a reasonable price. We believe that by focusing on the details of quality, service and the Chipotle experience, we'll be able to bring great food—and our vision—to new customers and keep existing customers coming back. The more people understand and share our vision of "food with integrity," we think the more they'll want to eat our food. We believe that consumers' increasing concern about the food they eat will foster demand for higher-quality foods, which will in turn attract the interest and capital investment of larger farms and suppliers, and help us make our food more accessible. That said, we understand that we'll continue to be at the forefront of this trend and must balance our interest in advancing "food with integrity" with our desire to provide great food at reasonable prices.

    Expanding The Universe

        We plan to increase both sales and profits by opening new stores and increasing comp store sales:

    Building More Stores.    We plan to grow in a measured and disciplined way by strategically adding stores in existing and new markets. We plan to open at least 75 stores in 2005, of which 58 were already open and 17 were under construction on October 31, 2005. We believe most of our sales increases will come from opening new stores. As we've grown and become increasingly well-known, we've developed specific criteria that we continuously review and adjust to evaluate each site, as store locations are critical to our long-term success.

    Selling More Food Every Day.    We continue to focus on ways to improve the customer experience at our existing stores so we can increase comp store sales. We believe that the best way to do this is to speed up our service to sell food to more customers. We're doing this by, for example, enhancing our staffing and training models, expanding our use of fax service lines and implementing our new


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