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Chipotle Mexican Grill, Inc. (CMG) CEO Brian Niccol on Q4 2018 Results - Earnings Call Transcript

Feb. 06, 2019 11:27 PM ETChipotle Mexican Grill, Inc. (CMG)
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Chipotle Mexican Grill, Inc. (NYSE:CMG) Q4 2018 Earnings Conference Call February 6, 2019 4:30 PM ET

Company Participants

Ashish Kohli - Head, Investor Relations

Brian Niccol - Chief Executive Officer

Jack Hartung - Chief Financial Officer

Conference Call Participants

David Tarantino - Baird

Karen Holthouse - Goldman Sachs

Sharon Zackfia - William Blair

Joshua Long - Piper Jaffray

John Glass - Morgan Stanley

John Ivankoe - JPMorgan

Greg Badishkanian - Citi

Jeffrey Bernstein - Barclays

Andy Barish - Jefferies

Andrew Charles - Cowen and Company


Good afternoon and welcome to the Chipotle Fourth and Fiscal Year End Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please also note today’s event is being recorded. At this time, I would like to turn the conference call over to Mr. Ashish Kohli, Head of Investor Relations for Chipotle. Please go ahead.

Ashish Kohli

Hello, everyone and welcome to our fourth quarter 2018 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.

I will begin by taking you through our legal Safe Harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on our current market, competitive and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially. These statements will include commentary about our expected business strategies for 2019, including initiatives to support our digital system as well as forecast of expected comparable restaurant sales increases and new restaurant openings for 2019, expectations for food, labor and marketing costs, G&A expense and our effective tax rate for 2019 as well as other statements of our expectations and plans.

Except to the extent

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