Print Page  |  Close Window

SEC Filings

8-K
CHIPOTLE MEXICAN GRILL INC filed this Form 8-K on 10/24/2017
Entire Document
 << Previous Page | Next Page >>
8K Earnings Release

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,  D.C. 20549 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2017 

CHIPOTLE MEXICAN GRILL, INC.

(Exact name of registrant as specified in its charter)



 

 

 

 

   

   

   

   

   

Delaware 
(State or other
jurisdiction of
incorporation)

   

1-32731
(Commission File Number)

   

84-1219301
(I.R.S. Employer
Identification No.)



1401 Wynkoop Street, Suite 500
Denver,  CO 80202 
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (303) 595-4000

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

   

Item 2.02 Results of Operations and Financial Condition.

On October 24, 2017, we issued a press release announcing earnings and other financial results for our fiscal quarter ended September  30, 2017, and that management would review these results in a conference call at 4:30 pm Eastern time on October 24, 2017.

Item 8.01 Other Events.

On October 24, 2017, our Board announced the authorized repurchases of our common stock with a total aggregate purchase price of $100 million, exclusive of commissions. This repurchase authorization is in addition to previously-announced repurchase authorizations totaling $2.3 billion. The Board’s authorization of the repurchase program may be modified, suspended, or discontinued at any time.


 

Item 9.01 Financial Statements and Exhibits.

Exhibit Index



 

 

 

 

   

   

   

   

   

Exhibit 99.1

   

  Chipotle Mexican Grill, Inc. Press Release, dated October 24, 2017

 

 

 


 

 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 

 

 

 

 

   

 

   

   

   

   

   

 

   

Chipotle Mexican Grill, Inc.

   

 

   

   

   

   

October 24, 2017

 

   

By:

   

/s/ John R. Hartung

   

 

   

   

   

   

   

 

   

   

   

Name: John R. Hartung

   

 

   

   

   

Title: Chief Financial Officer



   


2017Q3 Earnings Release

 

Exhibit 99.1



 

Picture 4

EARNINGS RELEASE

Contact: Mark Alexee

(303) 605-1042

malexee@chipotle.com





Chipotle THIRD Quarter diluted EPS Increased 155% on 8.8% revenue growth



Denver, Colorado  (Business Wire)  – October 24, 2017 Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2017.

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

·

Revenue increased 8.8% to $1.13 billion

·

Comparable restaurant sales increased 1.0% 

·

Restaurant level operating margin increased to 16.1% from 14.1%

·

Net income was $19.6 million, including the after-tax impact of an $18.2 million estimated liability related to the data security incident announced in April 2017, an increase from $7.8 million 

·

Diluted earnings per share was $0.69, net of a $0.64 impact from estimated charges recorded related to the data security incident and approximately $0.13 of impacts from Hurricanes Harvey and Irma, an increase from $0.27

·

Opened 38 new restaurants, and closed or relocated 3  restaurants

Overview for the nine months ended September 30, 2017 as compared to the nine months ended September 30, 2016:

·

Revenue increased 17.3% to $3.37 billion

·

Comparable restaurant sales increased 8.3% 

·

Restaurant level operating margin was 17.6%, an increase from 12.5%

·

Net income was $132.5 million, including the after-tax impact of an $18.2 million estimated charge related to the data security incident announced in April 2017, an increase from $7.0 million

·

Diluted earnings per share was $4.62, net of a $0.64 impact from estimated charges recorded related to the data security incident and approximately $0.13 of impacts from Hurricanes Harvey and Irma, an increase from $0.23

·

Opened 145 new restaurants and closed or relocated 21 restaurants, including the closure of 15 ShopHouse locations

We continued to make important progress to improve the guest experience at our restaurants during the quarter”, said Steve Ells, founder, Chairman and CEO of Chipotle. “Our strategic initiatives in operations, innovating our digital sales platform, new menu introductions, and marketing the brand are starting to take hold. Despite several unusual impacts during the quarter, including the impact of hurricanes, we maintained our focus and saw some encouraging signs. Our leadership remains focused on setting the foundation for future growth, and we are confident in our teams’ ability to deliver against those plans.”

Results for the three months ended September 30, 2017

Revenue for the quarter was $1.13 billion, up 8.8% from the third quarter of 2016.  The increase in revenue was driven by new restaurant openings and to a lesser extent from an increase in comparable restaurant sales, including a 1.1% benefit from comparing against 2016 revenue, which was lower because of the revenue deferral for outstanding rewards under our limited-time Chiptopia Summer Rewards program.  We opened 38 new restaurants

 


 

 

during the quarter, closed two restaurants, and relocated one restaurant, bringing the total restaurant count to 2,374.

Food costs were 35.0% of revenue, a decrease of 10 basis points as compared to the third quarter of 2016. The benefit of the menu price increases taken in select restaurants during the second quarter of 2017 and decreased paper cost and usage were offset by higher avocado and beef prices, as well as steak making up a higher portion of our product mix compared to the third quarter of 2016.

Restaurant level operating margin was 16.1% in the third quarter of 2017, an improvement from 14.1% in the third quarter of 2016. The improvement was driven primarily by decreased marketing and promotion expense and labor efficiencies.

General and administrative expenses were 8.8% of revenue for the third quarter of 2017, an increase of 120 basis points over the third quarter of 2016 primarily due to recording a liability of $30.0 million ($18.2 million after tax and $0.64 on basic and diluted earnings per share) during the third quarter of 2017, which represents an estimate of potential claims and assessments by payment card networks related to the data security incident that was announced in April 2017. This increase was partially offset by a decrease in meeting costs because of the biennial All Managers Conference that was held in September 2016.

Net income for the third quarter of 2017 was $19.6 million, or $0.69 per diluted share, compared to net income of $7.8 million, or $0.27 per diluted share in the third quarter of 2016.

Results for the nine months ended September 30, 2017

Revenue for the first nine months of 2017 was $3.37 billion, up 17.3% from the first nine months of 2016.  The increase in revenue was driven by new restaurant openings and an 8.3% increase in comparable restaurant sales,  including a 0.6% benefit from deferral of revenue from 2016 (which partially benefitted the first quarter of 2017) for outstanding rewards under the Chiptopia Summer Rewards program. Comparable restaurant sales improved primarily due to an increase in the number of paid transactions and an increase in average check due to fewer promotions during the first nine months of 2017. We opened 145 new restaurants during the first nine months of 2017, and closed or relocated 21 restaurants, including the closure of 15 ShopHouse restaurants, bringing the total restaurant count to 2,374.

Food costs were 34.3% of revenue, a decrease of 50 basis points as compared to the first nine months of 2016. Cost savings from bringing the preparation of lettuce and bell peppers back into our restaurants after using pre-cut produce during portions of 2016, reduced testing and waste costs, and the benefit of the menu price increase that went into effect in select restaurants during the second quarter of 2017 were partially offset by higher avocado prices.    

Restaurant level operating margin was 17.6% for the nine months ended September 30, 2017, an improvement from 12.5% in the first nine months of 2016.  The improvement was driven by decreased marketing and promotional expense, sales leverage, and labor efficiencies. Marketing and promotional expenses were 3.4% of revenue during the first nine months of 2017, compared to 5.2% of revenue during the first nine months of 2016.

General and administrative expenses were 7.1% of revenue for the first nine months of 2017, a decrease of 30 basis points compared to the first nine months of 2016, primarily due to sales leverage.  General and administrative expense increased in dollar terms for the nine months ended September 30, 2017, primarily due to recording the $30.0 million liability estimate related to the data security incident, as well as increased non-cash stock based compensation expense and increased bonus expense.  The increase was partially offset by lower meeting costs because of holding the biennial All Managers Conference in September 2016 and lower legal costs.  Stock compensation expense was higher during the first nine months of 2017 because the first nine months of 2016 included a reduction in expense for performance share awards that were no longer expected to vest against performance criteria.

Net income for the first nine months of 2017 was $132.5 million, or $4.62 per diluted share, compared to net income of $7.0 million, or $0.23 per diluted share, for the nine months ended September 30, 2016.



 


 

 

Outlook

For the full year 2017, management expects:

·

Comparable restaurant sales increases of about 6.5%

·

New restaurant openings slightly below the low end of the previously-disclosed range of 195 to 210

·

An estimated effective full year tax rate of approximately 39.1%

For 2018, management expects:

·

130 to 150 new restaurant openings

·

An estimated effective full year tax rate of approximately 39.0%

Definitions

The following definitions apply to these terms as used throughout this release:

Comparable restaurant sales, or sales comps, represent the change in period-over-period sales for restaurants in operation for at least 13 full calendar months.

Restaurant level operating margin represents total revenue less restaurant operating costs, expressed as a percent of total revenue.

Conference Call

Chipotle will host a conference call to discuss its third quarter 2017 financial results on Tuesday October 24, 2017, at 4:30 PM Eastern time. 

The conference call can be accessed live over the phone by dialing 1-877-451-6152 or for international callers by dialing 1-201-389-0879. The call will be webcast live from the company's website at chipotle.com under the investor relations section.  An archived webcast will be available approximately one hour after the end of the call.

About Chipotle

Steve Ells, Founder, Chairman and CEO, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls, and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in an interactive style allowing people to get exactly what they want. Chipotle seeks out extraordinary ingredients that are not only fresh, but that are raised responsibly, with respect for the animals, land, and people who produce them. Chipotle prepares its food using real, whole ingredients, and is the only national restaurant brand that prepares its food using no added colors, flavors or other industrial additives typically found in fast food. Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,300 restaurants. For more information, visit chipotle.com.

Forward-Looking Statements

Certain statements in this press release, including statements under the heading “Outlook” of our expected comparable restaurant sales increases, number of new restaurant openings, and effective tax rate for 2017, and our expected number of new restaurant openings and effective tax rate for 2018, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as “anticipate”, “believe”, “could”, “continue”, “should”, “estimate”, “expect”, “intend”, “may”, “predict”, “project”, “target”, and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers’ perceptions of our brand, including as a result of food-borne illness incidents, the impact of competition, including from sources outside the restaurant industry, decreased overall consumer spending, or our possible inability to increase menu prices or realize the benefits of menu price increases; the risk of food-borne illnesses and other health concerns about our food or dining out generally; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies or higher food costs due to changes in supply chain protocols; the potential for

 


 

 

increased labor costs or difficulty retaining qualified employees, including as a result of market pressures, enhanced food safety procedures in our restaurants, or new regulatory requirements; risks related to our marketing and advertising strategies, which may not be successful and may expose us to liabilities; security risks associated with the acceptance of electronic payment cards or electronic storage and processing of confidential customer or employee information; risks relating to litigation, including possible governmental actions related to food-borne illness incidents, as well as class action litigation regarding employment laws, a recent data security incident, advertising claims or other matters; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks relating to our expansion into new markets; risks associated with our Food With Integrity philosophy, including supply shortages and potential liabilities from advertising claims and other marketing activities related to Food With Integrity; risks relating to our insurance coverage and self-insurance; our dependence on key personnel and uncertainties arising from recent changes in our leadership; risks regarding our ability to protect our brand and reputation; risks associated with our ability to effectively manage our growth; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.chipotle.com.

 


 

 









Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income

(in thousands, except per share data)

(unaudited)







 

 

 

 

 

 

 

 

 

 

 



Three months ended September 30,



2017

 

2016

Revenue

$

1,128,074 

 

100.0 

%

 

$

1,036,982 

 

100.0 

%

Restaurant operating costs (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

394,567 

 

35.0 

 

 

 

363,900 

 

35.1 

 

Labor

 

306,862 

 

27.2 

 

 

 

286,144 

 

27.6 

 

Occupancy

 

83,199 

 

7.4 

 

 

 

74,201 

 

7.2 

 

Other operating costs

 

162,312 

 

14.4 

 

 

 

166,045 

 

16.0 

 

General and administrative expenses

 

99,182 

 

8.8 

 

 

 

78,405 

 

7.6 

 

Depreciation and amortization

 

41,546 

 

3.7 

 

 

 

37,434 

 

3.6 

 

Pre-opening costs

 

2,792 

 

0.2 

 

 

 

4,490 

 

0.4 

 

Loss on disposal and impairment of assets

 

6,747 

 

0.6 

 

 

 

16,637 

 

1.6 

 

Total operating expenses

 

1,097,207 

 

97.3 

 

 

 

1,027,256 

 

99.1 

 

Income from operations

 

30,867 

 

2.7 

 

 

 

9,726 

 

0.9 

 

Interest and other income, net

 

1,275 

 

0.1 

 

 

 

672 

 

0.1 

 

Income before income taxes

 

32,142 

 

2.8 

 

 

 

10,398 

 

1.0 

 

Provision for income taxes

 

(12,532)

 

(1.1)

 

 

 

(2,599)

 

(0.3)

 

Net income

$

19,610 

 

1.7 

%

 

$

7,799 

 

0.8 

%

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.69 

 

 

 

 

$

0.27 

 

 

 

Diluted

$

0.69 

 

 

 

 

$

0.27 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

28,415 

 

 

 

 

 

29,063 

 

 

 

Diluted

 

28,439 

 

 

 

 

 

29,171 

 

 

 



 


 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income

(in thousands, except per share data)

(unaudited)







 

 

 

 

 

 

 

 

 

 

 



Nine months ended September 30,



2017

 

2016

Revenue

$

3,366,312 

 

100.0 

%

 

$

2,869,824 

 

100.0 

%

Restaurant operating costs (exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

1,155,514 

 

34.3 

 

 

 

999,968 

 

34.8 

 

Labor

 

900,564 

 

26.8 

 

 

 

820,751 

 

28.6 

 

Occupancy

 

242,482 

 

7.2 

 

 

 

217,147 

 

7.6 

 

Other operating costs

 

476,606 

 

14.2 

 

 

 

473,390 

 

16.5 

 

General and administrative expenses

 

238,698 

 

7.1 

 

 

 

211,171 

 

7.4 

 

Depreciation and amortization

 

121,906 

 

3.6 

 

 

 

108,296 

 

3.8 

 

Pre-opening costs

 

9,764 

 

0.3 

 

 

 

13,044 

 

0.5 

 

Loss on disposal and impairment of assets

 

10,013 

 

0.3 

 

 

 

22,040 

 

0.8 

 

Total operating expenses

 

3,155,547 

 

93.7 

 

 

 

2,865,807 

 

99.9 

 

Income from operations

 

210,765 

 

6.3 

 

 

 

4,017 

 

0.1 

 

Interest and other income, net

 

3,512 

 

0.1 

 

 

 

3,584 

 

0.1 

 

Income before income taxes

 

214,277 

 

6.4 

 

 

 

7,601 

 

0.3 

 

Provision for income taxes

 

(81,817)

 

(2.4)

 

 

 

(638)

 

(0.0)

 

Net income

$

132,460 

 

3.9 

%

 

$

6,963 

 

0.2 

%

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

4.63 

 

 

 

 

$

0.24 

 

 

 

Diluted

$

4.62 

 

 

 

 

$

0.23 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

28,604 

 

 

 

 

 

29,387 

 

 

 

Diluted

 

28,696 

 

 

 

 

 

29,792 

 

 

 









 


 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Balance Sheet

(in thousands, except per share data)







 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2017

 

2016



(unaudited)

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

113,480 

 

$

87,880 

Accounts receivable, net of allowance for doubtful accounts of $39 and $259 as of September 30, 2017 and December 31, 2016, respectively

 

23,870 

 

 

40,451 

Inventory

 

21,634 

 

 

15,019 

Prepaid expenses and other current assets

 

49,089 

 

 

44,080 

Income tax receivable

 

12,986 

 

 

5,108 

Investments

 

434,877 

 

 

329,836 

Total current assets

 

655,936 

 

 

522,374 

Leasehold improvements, property and equipment, net

 

1,331,786 

 

 

1,303,558 

Long term investments

 

 -

 

 

125,055 

Other assets

 

54,716 

 

 

53,177 

Goodwill

 

21,939 

 

 

21,939 

Total assets

$

2,064,377 

 

$

2,026,103 

Liabilities and shareholders' equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

86,705 

 

$

78,363 

Accrued payroll and benefits

 

108,120 

 

 

76,301 

Accrued liabilities

 

128,577 

 

 

127,129 

Total current liabilities

 

323,402 

 

 

281,793 

Deferred rent

 

309,446 

 

 

288,927 

Deferred income tax liability

 

7,577 

 

 

18,944 

Other liabilities

 

36,826 

 

 

33,946 

Total liabilities

 

677,251 

 

 

623,610 

Shareholders' equity:

 

 

 

 

 

Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of September 30, 2017 and December 31, 2016, respectively

 

 -

 

 

 -

Common stock $0.01 par value, 230,000 shares authorized, and 35,851 and 35,833 shares issued as of September 30, 2017 and December 31, 2016, respectively

 

359 

 

 

358 

Additional paid-in capital

 

1,294,315 

 

 

1,238,875 

Treasury stock, at cost, 7,564 and 7,019 common shares at September 30, 2017 and December 31, 2016, respectively

 

(2,257,174)

 

 

(2,049,389)

Accumulated other comprehensive income (loss)

 

(3,645)

 

 

(8,162)

Retained earnings

 

2,353,271 

 

 

2,220,811 

Total shareholders' equity

 

1,387,126 

 

 

1,402,493 

Total liabilities and shareholders' equity

$

2,064,377 

 

$

2,026,103 

 


 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Cash Flows

(unaudited)

(in thousands)









 

 

 

 

 



 

 

 

 

 



Nine months ended September 30,



2017

 

2016

Operating activities

 

 

 

 

 

Net income

$

132,460 

 

$

6,963 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

121,906 

 

 

108,296 

Deferred income tax (benefit) provision

 

(11,323)

 

 

380 

Loss on disposal and impairment of assets

 

10,013 

 

 

22,040 

Bad debt allowance

 

181 

 

 

99 

Stock-based compensation expense

 

54,596 

 

 

48,389 

Excess tax benefit on stock-based compensation

 

 -

 

 

(1,888)

Other

 

(126)

 

 

(224)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

16,477 

 

 

16,084 

Inventory

 

(7,023)

 

 

(3,442)

Prepaid expenses and other current assets

 

(4,890)

 

 

(5,362)

Other assets

 

(1,382)

 

 

1,509 

Accounts payable

 

14,771 

 

 

(11,938)

Accrued liabilities

 

35,514 

 

 

36,245 

Income tax payable/receivable

 

(7,810)

 

 

36,026 

Deferred rent

 

22,410 

 

 

27,319 

Other long-term liabilities

 

3,060 

 

 

576 

Net cash provided by operating activities

 

378,834 

 

 

281,072 

Investing activities

 

 

 

 

 

Purchases of leasehold improvements, property and equipment

 

(165,506)

 

 

(192,252)

Purchases of investments

 

(120,084)

 

 

 -

Maturities of investments

 

140,000 

 

 

45,000 

Proceeds from sale of investments

 

 -

 

 

540,648 

Net cash provided by (used in) investing activities

 

(145,590)

 

 

393,396 

Financing activities

 

 

 

 

 

Acquisition of treasury stock

 

(209,585)

 

 

(771,354)

Excess tax benefit on stock-based compensation

 

 -

 

 

1,888 

Stock plan transactions and other financing activities

 

10 

 

 

23 

Net cash used in financing activities

 

(209,575)

 

 

(769,443)

Effect of exchange rate changes on cash and cash equivalents

 

1,931 

 

 

1,098 

Net change in cash and cash equivalents

 

25,600 

 

 

(93,877)

Cash and cash equivalents at beginning of period

 

87,880 

 

 

248,005 

Cash and cash equivalents at end of period

$

113,480 

 

$

154,128 



 


 

 



Chipotle Mexican Grill, Inc.

Supplemental Financial and Other Data

 (dollars in thousands)















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the three months ended



 

Sep. 30

 

Jun. 30,

 

Mar. 31,

 

Dec. 31,

 

Sep. 30,



 

2017

 

2017

 

2017

 

2016

 

2016

Number of restaurants opened

 

 

38 

 

 

50 

 

 

57 

 

 

72 

 

 

55 

Restaurant relocations/closures

 

 

(3)

 

 

(2)

 

 

(16)

 

 

 -

 

 

(1)

Number of restaurants at end of period

 

 

2,374 

 

 

2,339 

 

 

2,291 

 

 

2,250 

 

 

2,178 

Average restaurant sales

 

$

1,948 

 

$

1,957 

 

$

1,931 

 

$

1,868 

 

$

1,914 

Comparable restaurant sales increase (decrease)

 

 

1.0% 

 

 

8.1% 

 

 

17.8% 

 

 

(4.8%)

 

 

(21.9%)











 


 << Previous Page | Next Page >>