Summary
Chipotle Mexican Grill, Inc. (CMG) reported strong financial results for the third quarter of 2021, ending September 29, 2021. Total revenue increased by 21.9% year-over-year to $2.0 billion, driven by a 15.1% increase in comparable restaurant sales. This growth was fueled by both an increase in transactions and a higher average check, benefiting from menu price increases and a recovery in in-restaurant dining, alongside continued strength in digital sales which accounted for 42.8% of total revenue. The company demonstrated improved operational efficiency, with restaurant operating costs decreasing as a percentage of revenue to 76.5% from 80.5% in the prior year period, despite facing wage inflation and increased costs for beef and freight. Net income saw a significant rise to $204.4 million, or $7.18 per diluted share, compared to $80.2 million, or $2.82 per diluted share, in the same period last year. Chipotle continued its strategic growth by opening 41 new restaurants, with 36 of those featuring Chipotlanes, reinforcing its confidence in the long-term opportunity to expand its North American footprint.
Financial Highlights
46 data points| Revenue | $1.95B |
| Operating Expenses | $1.71B |
| Operating Income | $239.68M |
| Net Income | $204.43M |
| EPS (Basic) | $0.15 |
| EPS (Diluted) | $0.14 |
| Shares Outstanding (Basic) | 1.41B |
| Shares Outstanding (Diluted) | 1.42B |
Key Highlights
- 1Total revenue grew 21.9% year-over-year to $2.0 billion for Q3 2021.
- 2Comparable restaurant sales increased by 15.1%, driven by higher transactions and average check.
- 3Digital sales represented 42.8% of total revenue ($840.4 million).
- 4Restaurant operating costs as a percentage of revenue improved to 76.5% from 80.5% in Q3 2020.
- 5Diluted earnings per share (EPS) rose significantly to $7.18 from $2.82 in the prior year's quarter.
- 6Opened 41 new restaurants in Q3 2021, with 36 featuring Chipotlanes.
- 7Maintained a strong cash position with $1.2 billion in cash and marketable investments.