Summary
Chipotle Mexican Grill, Inc. (CMG) reported strong financial performance for the nine months ended September 30, 2009, with net income increasing to $95.2 million from $61.2 million in the prior year period. Revenue grew by 14.6% to $1.13 billion, driven by a combination of new restaurant openings and a 2.2% increase in comparable restaurant sales. The company benefited from menu price increases implemented in late 2008, which helped offset a slight decrease in customer visits and average check size. The company continues its expansion, with 911 restaurants in operation as of September 30, 2009, and plans to open between 120 and 130 new restaurants in 2010. Notably, CMG is piloting an "A Model" restaurant design for 2010, aiming for lower investment and operating costs in established markets. Despite economic headwinds, CMG maintained a healthy cash position with $238.4 million in cash and cash equivalents, and has access to a $25 million revolving credit facility.
Financial Highlights
23 data points| Operating Expenses | $332.77M |
| Operating Income | $54.81M |
| Net Income | $34.46M |
| EPS (Basic) | $0.02 |
| EPS (Diluted) | $0.02 |
| Shares Outstanding (Basic) | 1.58B |
| Shares Outstanding (Diluted) | 1.60B |
Key Highlights
- 1Net income increased by 55.5% to $95.2 million for the nine months ended September 30, 2009, compared to $61.2 million in the prior year.
- 2Total revenue grew 14.6% to $1.13 billion for the nine months ended September 30, 2009, with restaurant sales increasing by 13.8% in the third quarter.
- 3Comparable restaurant sales increased by 2.2% for the first nine months of 2009, driven primarily by menu price increases.
- 4The company expanded its store count to 911 restaurants as of September 30, 2009, and plans to open 120-130 new restaurants in 2010, including 'A Model' locations.
- 5Food, beverage, and packaging costs as a percentage of revenue decreased due to menu price increases and lower ingredient costs.
- 6Cash and cash equivalents stood at a robust $238.4 million as of September 30, 2009, providing ample liquidity.
- 7The company completed a $100.2 million repurchase of Class B common stock during the nine months ended September 30, 2009.