for stores opened in 2004 from $234,450 for stores opened in 2002. We've also had strong growth in comp store sales, due mainly to an increase in the number of transactions.
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. Monty Moran, our President and Chief Operating Officer, joined Chipotle in March 2005, previously serving as chief executive officer of 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, including vice president and chief financial officer for McDonald's Partner Brands group. 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
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
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 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. 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, while balancing our interest in advancing "food with integrity" with our desire to provide great food at reasonable prices.
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
open and 17 were under construction on October 31, 2005. We believe most of our sales increases will come from opening new stores.
- 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 online ordering system. These changes allow us to accommodate more customers and larger orders without disrupting
store traffic. We'll also consider additions to our menu that could enable us to enhance sales. For example, in 2005 we rolled out a salad that uses essentially the same ingredients as our burritos
and tacos. We believe that another way we can grow sales is by getting more people to try our food. We hope to keep expanding brand awareness.