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8-K
CHIPOTLE MEXICAN GRILL INC filed this Form 8-K on 10/24/2017
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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:

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Revenue increased 8.8% to $1.13 billion

·

Comparable restaurant sales increased 1.0% 

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Restaurant level operating margin increased to 16.1% from 14.1%

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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

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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:

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Revenue increased 17.3% to $3.37 billion

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Comparable restaurant sales increased 8.3% 

·

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

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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

 


 

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