Chipotle Mexican Grill (CMG) Tops Q2 EPS by 1c, Comps Up 4.3%
Chipotle Mexican Grill (NYSE: CMG) reported Q2 EPS of $4.45, $0.01 better than the analyst estimate of $4.44. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.22 billion. Comparable restaurant sales increased 4.3%
Highlights for the second quarter of 2015 as compared to the second quarter of 2014 include:
- Revenue increased 14.1% to $1.2 billion
- Comparable restaurant sales increased 4.3%
- Restaurant level operating margin was 28.0%, an increase of 70 basis points
- Net income was $140.2 million, an increase of 27.1%
- Diluted earnings per share was $4.45, an increase of 27.1%
- Opened 48 new restaurants
“We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014. The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter – whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale. Our relentless focus on the key drivers of our business allows us to continue to change the way people think about and eat fast food,” said Steve Ells, founder, chairman and co-CEO of Chipotle.
Outlook
For 2015, management expects the following:
- New restaurant openings at or above the high end of the previously announced range of 190-205
- Low-to-mid single digit comparable restaurant sales increases
- An effective full year tax rate of approximately 38.7%
For earnings history and earnings-related data on Chipotle Mexican Grill (CMG) click here.