Chipotle Announced Third Quarter Financial Results

Published on: 25 Oct, 2018

Chipotle Mexican Grill, Inc. (NYSE: CMG) reported financial results for the third quarters ended 9/30/2018.  Digital sales grew 48.3% and accounted for 11.2% of sales compared to a year ago.  Revenue increased 8.6% to $1.2 billion. Net income was $38.2 million as the company opened 28 new restaurants and closed/relocated 32.

For 2018, management is anticipating comparable restaurant sales increases for the full year in the low to mid-single digits.  New restaurant openings at the lower end of the previously announced range of 130 to 150 for the full year.

Net income for the first nine months of 2018 was $144.5 million, or $5.17 per diluted share, compared to net income of $132.5 million, or $4.62 per diluted share, for the nine months ended September 30, 2017. Excluding the impact of restaurant asset impairment, corporate restructuring, and certain other costs, adjusted net income was $205.4 million and adjusted diluted earnings per share was $7.34.

CEO Brian Niccol declined to provide q4 earnings forecast but stated that it was seeing a lift in sales from its new marketing campaign that began in September.  "You have to take it at a measured pace," Niccol said. "Because the last thing you want to be doing is opening restaurants ahead of your capability to run them."

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Marco Zhou

Email: Marco@financialinsiders.com

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