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Chipotle Mexican Grill Inc (CMG) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Chipotle Mexican Grill Inc

CIK: 1058090 Ticker: CMG

 

Exhibit 99.1



 

Picture 1

EARNINGS RELEASE

PR Contact: Laurie Schalow

(949)  524-4035

Lschalow@chipotle.com

 

IR Contact: Ashish Kohli

(949) 524-4132

Akohli@chipotle.com



Chipotle ANNOUNCES STRONG FOURTH QUARTER 2018 RESULTS

COMP SALES UP 6.1%, AS TRANSACTIONS ACCELERATE



DIGITAL SALES SURPASS HALF A BILLION DOLLARS FOR FULL Year 2018

Fourth quarter highlights, year over year:

·

Revenue increased 10.4% to $1.2 billion

·

Comparable restaurant sales increased 6.1%, which included 2.0% of comparable restaurant transactions growth

·

Digital sales grew 65.6% and accounted for 12.9% of sales

·

Restaurant level operating margin was 17.0%, an increase from 14.9% 

·

Diluted earnings per share was $1.15, a 25.8% decrease from $1.55. Adjusted diluted earnings per share was $1.72, excluding the impact of restaurant closure costs, corporate restructuring, and certain other costs, a 11.0% increase from $1.55.1

·

Opened 40 new restaurants and closed or relocated 12

Full year 2018 highlights, year over year:

·

Revenue increased 8.7% to $4.9 billion

·

Comparable restaurant sales increased 4.0%, net of a 0.8% decline in comparable restaurant transactions

·

Digital sales grew 42.4% and accounted for 10.9% of sales

·

Restaurant level operating margin was 18.7%, an increase from 16.9%

·

Diluted earnings per share was $6.31, a 2.3% increase from $6.17. Adjusted diluted earnings per share was $9.06, excluding the impact of restaurant closure costs, corporate restructuring, and certain other costs, a 33.0% increase from $6.81. 1  

·

Opened 137 new restaurants and closed or relocated 54

1 Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.

NEWPORT BEACH, Calf. – February 6, 2019 – Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and year ended December 31, 2018.



“I'm very pleased to report strong fourth quarter results with 6.1% comparable restaurant sales growth that included 2% transaction growth. For the full year, Chipotle’s average unit volumes exceeded $2 million with digital sales surpassing half a billion dollars,” said Brian Niccol, Chief Executive Officer, Chipotle. “The growth acceleration this quarter gives us confidence that our strategy is working. When we connect with guests through great operations, relevant marketing focused on Chipotle’s great taste and real ingredients, and provide more convenient access, they respond enthusiastically.”



 


The following information was filed by Chipotle Mexican Grill Inc (CMG) on Wednesday, February 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Chipotle Mexican Grill Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Income
Consolidated Statement Of Shareholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Corporate Restructuring Costs
Corporate Restructuring Costs (Reconciliation Of Restructuring Liability) (Details)
Corporate Restructuring Costs (Schedule Of Restructuring Costs) (Details)
Corporate Restructuring Costs (Tables)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Estimated Useful Lives Of Leasehold Improvements, Property And Equipment) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details)
Description Of Business And Summary Of Significant Accounting Policies (Policy)
Description Of Business And Summary Of Significant Accounting Policies (Tables)
Earnings Per Share
Earnings Per Share (Basic And Diluted Earnings Per Share) (Details)
Earnings Per Share (Stock Awards Excluded From The Calculation Of Diluted Eps) (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Narrative) (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Narrative) (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Deferred Income Tax Liabilities And Assets) (Details)
Income Taxes (Schedule Of Effective Tax Rate) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Lease Payments Under Operating Leases) (Details)
Leases (Schedule Of Rental Expense) (Details)
Leases (Tables)
Quarterly Financial Data
Quarterly Financial Data (Summary Of Quarterly Financial Data) (Details)
Quarterly Financial Data (Tables)
Restaurant Closure Costs And Impairment Of Long-Lived Assets
Restaurant Closure Costs And Impairment Of Long-Lived Assets (Narrative) (Details)
Restaurant Closure Costs And Impairment Of Long-Lived Assets (Schedule Of Impairment Charges) (Details)
Restaurant Closure Costs And Impairment Of Long-Lived Assets (Schedule Of Reconciliation Of The Impairment Liability) (Details)
Restaurant Closure Costs And Impairment Of Long-Lived Assets (Tables)
Revenue Recognition
Revenue Recognition (Gift Card Liability) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Revenue Recognized From Liability Balances) (Details)
Revenue Recognition (Tables)
Shareholders' Equity
Shareholders' Equity (Narrative) (Details)
Stock Based Compensation (Changes In Awards Expected To Vest) (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Assumptions To Value Sosar Awards Granted) (Details)
Stock-Based Compensation (Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Summary Of Non-Vested Stock Award Activity Under Incentive Plan) (Details)
Stock-Based Compensation (Summary Of Option And Sosar Activity Under Incentive Plan) (Details)
Stock-Based Compensation (Tables)
Supplemental Financial Information
Supplemental Financial Information (Schedule Of Accrued Liabilities) (Details)
Supplemental Financial Information (Schedule Of Accrued Payroll And Benefits) (Details)
Supplemental Financial Information (Schedule Of Leasehold Improvements, Property And Equipment) (Details)
Supplemental Financial Information (Tables)
Ticker: CMG
CIK: 1058090
Form Type: 10-K Annual Report
Accession Number: 0001058090-19-000007
Submitted to the SEC: Thu Feb 07 2019 4:44:15 PM EST
Accepted by the SEC: Fri Feb 08 2019
Period: Monday, December 31, 2018
Industry: Retail Eating Places

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