Chipotle Mexican Grill (CMG) Tops Q3 EPS by 20c; However Sees 2010 Comps Flat
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Chipotle Mexican Grill, Inc. (NYSE: CMG) reports Q3 EPS of $1.08, 20 cents better than the analyst estimate of $0.88. Revenue for the quarter was $387.6 million, which compares to the estimate of $388.21 million. Restaurant level operating margin was 25.5%, an increase of 410 basis points
Outlook
For 2009, management expects the following:
Full year comparable restaurant increases in the low single digits; 120-130 new restaurant openings; An effective tax rate of 38.1%; and Diluted weighted average common shares outstanding of approximately 32.2 million.
For 2010, management expects the following:
120-130 new restaurant openings; Flat comparable restaurant sales; and An effective tax rate of approximately 38.5%.
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