Chipotle (CMG) Q4 Results Hit the Mark Amid Rising Food Costs

February 5, 2013 5:37 PM EST Send to a Friend

Chipotle Bowl

Get Alerts CMG Hot Sheet
Trade CMG Now!
Join SI Premium – FREE
Chipotle Mexican Grill (NYSE: CMG) is sizzlin' in after-hours trading following firm fourth-quarter results.

Revenue for the Denver, CO-based restaurant chain rose 17.2 percent to $699.2 million with a 3.8 percent rise in comps. Net income improved 6.8 percent to $61.4 million, or $1.95 per share.

Consensus views called for revs of $698.9 million and EPS of $1.96. Chipotle guided to EPS of $1.92 to $1.97 and revs of $699.2 million in January.

Food costs rose 130 basis points to 33.5 percent of revs, leading to a 150 basis point drop in restaurant-level operating margins of 24.6 percent.

Looking ahead, Chipotle sees 165 to 180 new restaurant openings in 2013 with adjusted comps flat to up in the low-single-digit range.

"Our empowered restaurant teams once again were able to attract more people into our restaurants, creating positive comparable sales at Chipotle despite a sluggish economy and the roll off of our price increase," commented co-CEO Monty Moran. "We feel confident in our continued ability to drive sales growth in 2013 through a combination of new restaurant growth and our top performing, empowered restaurant teams creating an extraordinary dining experience for our customers."

In late trading, Chipotle is up 2.3 percent Tuesday.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Guidance

Add Your Comment