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Wednesday, February 6, 2019

=Chipotle Mexican Grill (CMG) reported earnings on Wed 6 Feb 2019 (a/h)

Chipotle Mexican Grill beats by $0.31, beats on revs; sees FY 19 comps up mid single digits
  • Reports Q4 (Dec) earnings of $1.72 per share, $0.31 better than the S&P Capital IQ Consensus of $1.41.
    • 6.1% increase in comparable restaurant sales and new restaurant openings. Comparable restaurant sales improved primarily as a result of an increase in average check which includes a 3.3% benefit from menu price increases. Comparable restaurant sales also improved due to a 2% increase in comparable restaurant transactions.
    • Restaurant level operating margin was 17.0% in the quarter, an improvement from 14.9% in the fourth quarter of 2017.
      • The improvement was driven primarily by leverage from the comparable restaurant sales increase. This was partially offset by increased marketing and promotional costs and wage inflation at the crew level.
  • Board has approved the investment of up to an additional $100 million, exclusive of commissions, to repurchase shares of common stock
  • For 2019, management is anticipating the following:
    • Mid-single digit range comparable restaurant sales growth (vs 4.5% estimate)
    • 140 to 155 new restaurant openings 

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