CHIPOTLE MEXICAN GRILL INC Annual Report, Year Ended Dec 31, 2006

Chipotle Mexican Grill, Inc. (CMG) reported strong growth in its 2006 fiscal year, which concluded on December 30, 2006. The company successfully completed its initial public offering in January 2006, raising substantial capital to fuel expansion. Chipotle continued its aggressive restaurant opening strategy, adding 94 company-operated restaurants during the year, bringing the total to 581 locations. This expansion, coupled with robust comparable restaurant sales growth of 13.7%, drove a significant increase in total revenue. The company's commitment to "Food With Integrity," focusing on high-quality, naturally raised ingredients, remains a core part of its strategy and brand identity. The company also navigated a significant corporate event with McDonald's complete disposition of its ownership interest in October 2006. This separation required Chipotle to establish its own independent operational and administrative functions. Despite the operational changes and potential cost increases associated with this separation, Chipotle demonstrated strong financial performance, with net income increasing significantly compared to the previous year. Investors should note the ongoing emphasis on expansion, same-store sales growth, and the continued execution of its "Food With Integrity" philosophy.