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SEC Filings

10-Q
CHIPOTLE MEXICAN GRILL INC filed this Form 10-Q on 10/25/2017
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The malware searched for track data, which may include cardholder name, card number, expiration date, and internal verification codes; however, no other customer information was affected. We have removed the malware from our systems and continue to evaluate ways to enhance our security measures.

During the three months ended September 30, 2017, we recorded a liability of $30.0 million ($18.2 million after tax) or $0.64 per basic and diluted earnings per share, as an estimate of potential losses associated with anticipated claims and assessments by payment card networks.  We may ultimately be subject to liabilities greater or less than the amount accrued.  In addition, legal claims have been made against us related to this matter, and are further discussed in Note 8. Commitments and Contingencies within Item 1. Financial Statements.”

Restaurant Activity

The following table details restaurant unit data for the periods indicated:



 

 

 

 

 

 

 



 

 

 

 

 

 

 



Three months ended September 30,

 

Nine months ended September 30,



2017

 

2016

 

2017

 

2016

Beginning of period

2,339 

 

2,124 

 

2,250 

 

2,010 

Openings

38 

 

55 

 

145 

 

171 

Relocations/closures

(3)

 

(1)

 

(6)

 

(3)

ShopHouse closures

 -

 

 -

 

(15)

 

 -

Total restaurants at end of period

2,374 

 

2,178 

 

2,374 

 

2,178 

Results of Operations

Our results of operations as a percentage of revenue and period-over-period changes are discussed in the following section. As our business grows and we open more restaurants and hire more employees, our aggregate restaurant operating costs and depreciation and amortization generally increase.

Revenue





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three months ended September 30,

 

%

 

Nine months ended September 30,

 

%



2017

 

2016

 

increase

 

2017

 

2016

 

increase



(dollars in millions)

 

 

 

(dollars in millions)

 

 

Revenue

$

1,128.1 

 

$

1,037.0 

 

8.8% 

 

$

3,366.3 

 

$

2,869.8 

 

17.3% 

Average restaurant sales

$

1.948 

 

$

1.914 

 

1.8% 

 

$

1.948 

 

$

1.914 

 

1.8% 

Comparable restaurant sales increases (decreases)

 

1.0% 

 

 

(21.9%)

 

 

 

 

8.3% 

 

 

(24.9%)

 

 

Number of restaurants as of the end of the period

 

2,374 

 

 

2,178 

 

9.0% 

 

 

2,374 

 

 

2,178 

 

9.0% 

Number of restaurants opened in the period

 

38 

 

 

55 

 

 

 

 

145 

 

 

171 

 

 



The most significant factor contributing to the increase in revenue for the three months ended September 30, 2017, was $84.9 million in revenue from restaurants not yet in the comparable base, of which $46.1 million was attributable to restaurants opened in 2017. Comparable restaurant sales increased $6.2 million. For the nine months ended September 30, 2017, revenue from restaurants not yet in the comparable restaurant base contributed $268.0 million to the revenue increase, of which $91.3 million was attributable to restaurants opened in 2017, and comparable restaurant sales increased $228.4 million. For the nine months ended September 30, 2017, the increase in comparable restaurant sales was attributable to an increase in the number of paid transactions and an increase in paid average check due to fewer promotions during the first nine months of 2017. 

Food, Beverage and Packaging Costs



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three months ended September 30,

 

%

 

Nine months ended September 30,

 

 



2017

 

2016

 

increase

 

2017

 

2016

 

% increase



(dollars in millions)

 

 

 

(dollars in millions)

 

 

Food, beverage and packaging

$

394.6 

 

$

363.9 

 

8.4% 

 

$

1,155.5 

 

$

1,000.0 

 

15.6% 

As a percentage of revenue

 

35.0% 

 

 

35.1% 

 

 

 

 

34.3% 

 

 

34.8% 

 

 



11

 


 

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