Chipotle's (CMG) Q1 Profit Jumps 35.1% to $1.97/Share, Comps Up 12.7%
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Price: $2,913.44 +1.01%
Revenue Growth %: +11.3%
Financial Fact:
Revenue: 1.04B
Today's EPS Names:
SFST, VLTO, CLIR, More
Revenue Growth %: +11.3%
Financial Fact:
Revenue: 1.04B
Today's EPS Names:
SFST, VLTO, CLIR, More
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Chipotle (NYSE: CMG) shares are only modestly higher despite a first-quarter beat on both the top and bottom lines. After closing at $430.78, Chipotle shares are now trading around $435.50.
The company saw sales for the quarter ended March 31st 2012 rise 25.8 percent to $640.6 million, which compares to the Street estimate of $627 million. Same-store sales were up 12.7 percent during the period.
Net income jumped 35.1 million to $62.7 million, or about $1.97 per share. Analysts were expecting a profit of $1.91 per share.
Steve Ells, Founder, Chairman and co-CEO of Chipotle, said, "We're delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps and record earnings during the quarter."
Restaurant level operating margin was 27.4 percent in the quarter, an increase of 220 basis points from the prior year period. The increase was primarily driven by the impact of comparable restaurant sales growth and lower promotional costs which was partially offset by higher food costs.
The company is expecting 155 to 165 new store openings during 2012, mid-single digit comps, and food inflation will be in the mid-single digits range.
The company saw sales for the quarter ended March 31st 2012 rise 25.8 percent to $640.6 million, which compares to the Street estimate of $627 million. Same-store sales were up 12.7 percent during the period.
Net income jumped 35.1 million to $62.7 million, or about $1.97 per share. Analysts were expecting a profit of $1.91 per share.
Steve Ells, Founder, Chairman and co-CEO of Chipotle, said, "We're delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps and record earnings during the quarter."
Restaurant level operating margin was 27.4 percent in the quarter, an increase of 220 basis points from the prior year period. The increase was primarily driven by the impact of comparable restaurant sales growth and lower promotional costs which was partially offset by higher food costs.
The company is expecting 155 to 165 new store openings during 2012, mid-single digit comps, and food inflation will be in the mid-single digits range.
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