Tue, Apr. 21, 4:08 PM
- Chipotle (CMG +0.9%) reports comparable-store sales rose 10.4% in Q1 vs. 11.6% expected and 16.1% in Q4.
- Higher menu prices were a factor during the quarter.
- Restaurant level operating margin +90 bps Q/Q and +160 bps Y/Y to 27.5%.
- Food cost ratio -60 bps to 33.9% as price hikes offset higher beef and tortilla costs.
- Store count +49 Q/Q to 1,831.
- Guidance: Chipotle's comp growth outlook for 2015 is for a low to mid-single digit rate increase. 190 to 205 new store openings expected.
- CMG -4.7% after-hours to $667.21.
Tue, Apr. 21, 4:03 PM| 3 Comments
Mon, Apr. 20, 5:35 PM
Tue, Feb. 3, 4:12 PM
- Chipotle (NYSE:CMG) reports comparable-store sales rose 16.1% in Q4.
- Analyst estimates for comp sales ranged from 14% to 17%.
- Restaurant level operating margin +100 bps to 26.6% as sales leverage kicked in.
- Food cost ratio +110 bps to 35.0%.
- Store count +60 Q/Q to 1,783.
- Guidance: Chipotle's comp growth projection of a low to mid-single digit rate trails the 8% consensus estimate.
- CMG -6.1% after-hours.
Tue, Feb. 3, 4:03 PM| 4 Comments
Mon, Feb. 2, 5:35 PM
Oct. 20, 2014, 4:08 PM
- Chipotle (NYSE:CMG) reports comparable-restaurant sales rose 19.8% in Q3.
- Restaurant-level operating margin +200 bps to 28.8% as sales leverage overrode higher beef and avocados pricing.
- The company notes the quarter included a full month of higher menu prices.
- Food costs ratio +70 bps to 34.3%.
- Store count +43 to 1,724.
- 2014 guidance: The outlook is for a mid-teens comparable-restaurant sales growth mark. 180 to 195 new restaurant openings anticipated.
- 2015 guidance: The company expects a low to mid-single digit comp as it starts lapping the quarters with price hikes. 190 to 205 new restaurants are forecast to be opened.
- CMG -2.2% AH.
Oct. 20, 2014, 4:03 PM| 9 Comments
Oct. 20, 2014, 1:49 PM
- Shares of Chipotle (CMG +1.2%) trade higher heading into the company's Q3 earnings release after the bell today.
- Analysts expect EPS of $3.84 on revenue of $1.06B.
- The read from the restaurant operator on beef costs for Q4 and into 2015 will be closely watched.
- Chipotle has already posted a pair of post-earnings rallies this year after reporting a sizzling pace of comparable-restaurant sales of 13.4% in Q1 and 17.3% in Q2. The forecast for Q3 is for another double-digit comp.
- Chipotle earnings preview
Oct. 19, 2014, 5:35 PM
Jul. 22, 2014, 12:12 PM
- "With most restaurants struggling to drive positive traffic, CMG remains an anomaly, justifying an outsized valuation, with scarcity worth the premium," says Barclays in response to Chipotle's (CMG +12.8%) big Q2 beat. However, the firm is hesitant to recommend shares, given they now trade at 39x forward EPS.
- "As more of Chipotle’s markets are touched with menu price increases this quarter, the company is teed up for at least another two quarter of strong earnings growth," thinks Belus Capital.
- The company attributes only 250 bps of its 17.3% same-store growth (blew away a consensus of 10.5%) to its price hikes. Average transactions during peak lunch and dinner hours each rose by 8 Y/Y, and average check size rose by 5%, thanks partly to larger group sizes.
- Chipotle did admit on its CC (transcript) its price hikes led to a "slight shift" among customers from steak to chicken, but insists "customers have generally responded well" otherwise. The company also noted it's experimenting with take out-focused restaurants that have limited seating, particularly in U.S./European locales with high real estate costs.
- Prior Chipotle earnings coverage
Jul. 21, 2014, 4:30 PM
- With the help of its price hikes, Chipotle's (NYSE:CMG) same-store sales rose 17.3% Y/Y in Q2, a marked improvement from Q1's 13.4% clip and fueling a big Q2 beat.
- The company now expects mid-teens 2014 same-store growth, up from prior guidance of high-single digit growth. It still forecasts 180-195 new 2014 restaurant openings.
- Restaurant level op. margin was 27.3%, -30 bps Y/Y but +140 bps Q/Q. Food costs were 34.6% of revenue vs. 34.5% in Q1 and 33.1% a year ago. But labor costs -90 bps Y/Y to 21.8%, and occupancy costs -50 bps to 5.4%. G&A costs +90 bps to 7.1% of revenue.
- 45 new restaurants were opened, raising total count to 1,681.
- Q2 results, PR
Jul. 21, 2014, 4:05 PM| 5 Comments
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Apr. 17, 2014, 8:01 AM| 2 Comments
Apr. 17, 2014, 12:05 AM
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