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Chipotle Mexican Grill (CMG) Misses Q1 EPS by 21c, Comps Increase 13.4%

April 17, 2014 8:02 AM EDT

Chipotle Mexican Grill (NYSE: CMG) reported Q1 EPS of $2.64, $0.21 worse than the analyst estimate of $2.85. Revenue for the quarter came in at $904.2 million versus the consensus estimate of $873.44 million. Comparable restaurant sales increased 13.4%

Outlook

  • 180 – 195 new restaurant openings
  • High single digit comparable restaurant sales increases, excluding any menu price increase
  • An effective full year tax rate of approximately 39.1%.

“We are delighted that more and more people are choosing to visit our restaurants every day allowing us to deliver double digit comps during the quarter. Our food culture has always been a defining characteristic of Chipotle and continues to set us apart from other restaurants. We are confident that our special food culture will continue to attract more customers to visit Chipotle as customers better understand and connect how natural and high quality ingredients that are freshly prepared result in better tasting food,” said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

“Our unique and compelling people culture is having a tremendous and growing impact on our business and is one of the key drivers behind our success. Our Restaurateurs, and the cultures they are creating in their restaurants, are allowing us to serve better tasting food and provide a better dining experience to our guests,” said Monty Moran, co-CEO.

For earnings history and earnings-related data on Chipotle Mexican Grill (CMG) click here.



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