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SEC Filings

8-K
CHIPOTLE MEXICAN GRILL INC filed this Form 8-K on 02/06/2018
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2017 Q4 Earnings Release

 

Exhibit 99.1



 



EARNINGS RELEASE

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Contact: Mark Alexee

(303) 605-1042

malexee@chipotle.com



CHIPOTLE FOURTH QUARTER Earnings per share grows 182% to $1.55 ON revenue INCREASE of 7.3%





DENVER – Feb. 6, 2018 - Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and year ended December 31, 2017.

Overview for the fourth quarter of 2017 as compared to the fourth quarter of 2016:

·

Revenue increased 7.3% to $1.1 billion

·

Comparable restaurant sales increased 0.9% for the quarter

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Restaurant level operating margin was 14.9%, an increase from 13.5% 

·

Net income was $43.8 million, an increase from $16.0 million

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Diluted earnings per share was $1.55,  including a benefit of $0.21 per share resulting from changes in U.S. tax law, compared to $0.55 in the fourth quarter of 2016

·

Opened 38 new restaurants

Overview for the year ended December 31, 2017 as compared to the prior year:

·

Revenue increased 14.7% to $4.5 billion

·

Comparable restaurant sales increased 6.4%

·

Restaurant level operating margin was 16.9%, an increase from 12.8%

·

Net income was $176.3 million, an increase from net income of $22.9 million

·

Diluted earnings per share was $6.17,  including a benefit of $0.21 per share resulting from changes in U.S. tax law, compared to $0.77 in 2016

·

Opened 183 new restaurants and closed or relocated 25, including 15 ShopHouse Southeast Asian Kitchen Restaurants



“During 2017, we have made considerable changes around leadership, operations, and long-term planning and it is clear that, while there is still work to be done, we are starting to see some success,” said Steve Ells, founder, chairman and chief executive officer. “2018 marks the 25th anniversary of Chipotle, and I am encouraged by the dedication all of our guests and employees have to this brand. Our focus this year will be to continue perfecting the dining experience, enhancing the guest experience through innovations in digital and catering, and reinvesting in our restaurants.  We are making good progress on our search for a new CEO who can improve execution, drive sales and enable Chipotle to realize our enormous potential.”

Fourth quarter 2017 results

Revenue for the quarter was $1.1 billion, an increase of 7.3% from the fourth quarter of 2016.  The increase in revenue was driven by new restaurant openings and to a lesser extent by a 0.9% increase in comparable restaurant sales. Comparable restaurants sales include a 0.6% reduction related to deferred revenue that was recognized during the fourth quarter of 2016 related to our Chiptopia Summer Rewards program.  Comparable restaurant sales increased as a result of an increase in the average check, including a 2.4% impact from menu price increases taken in select restaurants during the second and fourth quarters of 2017, partially offset by a decrease in transactions.   We opened 38 new restaurants during the quarter, and relocated or closed four restaurants, bringing the total restaurant count to

 


 

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