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Chipotle Mexican Grill Inc (CMG) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Chipotle Mexican Grill Inc

CIK: 1058090 Ticker: CMG

 

Exhibit 99.1



 

Picture 2

EARNINGS RELEASE

PR Contact: Laurie Schalow

(949) 524-4035

MediaRelations@chipotle.com

 

IR Contact: Ashish Kohli, CFA

(949) 524-4132

Akohli@chipotle.com



Chipotle ANNOUNCES SeCOND QUARTER 2020 RESULTS

Q2 Digital Sales grew 216.3% Year-Over-Year and accounted for 60.7% of sales



NEWPORT BEACH, Calf. – July 22, 2020 – Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2020.

Second quarter highlights, which incorporate the impact of COVID-19, year over year:

·

Revenue decreased 4.8% to $1.4 billion

·

Comparable restaurant sales declined 9.8%

·

Digital sales grew 216.3% and accounted for 60.7% of sales for the quarter

·

Restaurant level operating margin was 12.2%, a decrease of 8.7%

·

Diluted earnings per share was $0.29, net of a $0.11 after-tax impact from expenses related to restaurant asset impairment and closure costs, as well as corporate restructuring, a 91.0% decrease from $3.22. Adjusted diluted earnings per share excluding these charges was $0.40, a 90.0% decrease from $3.99.1

·

Opened 37 new restaurants including three relocations and closed three restaurants during the quarter; and about 30 restaurants remain temporarily closed because of COVID-19, mainly inside malls and shopping centers

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.

“I want to thank all of our employees for delivering excellent guest experiences, supporting our restaurants, and supporting each other during these challenging times,” said Brian Niccol, Chairman and CEO, Chipotle. “Our investment in digital over the past few years has provided our customers with convenient access to Chipotle how and where they want it. We'll continue to invest in elevating the digital experience, including opening more Chipotlanes, while innovating with new culinary offerings such as cauliflower rice, organic beverages and quesadillas. I’m confident we will finish 2020 with good momentum and be well positioned for the long run.”

COVID-19 and Liquidity Update:

Chipotle remains steadfast in our commitment to the health and well-being of our guests and employees while providing our safe, delicious, high-quality food made from real ingredients. Our top priorities for the rest of the year include safely running our restaurants and reopening dining rooms, using best practices to support alternate restaurant support center working arrangements, ensuring supply chain consistency, and strengthening our digital ecosystem. Within our restaurants, we have taken a number of steps to enhance our robust food safety protocols including the creation of the steward role which is focused on sanitization in high-touch and high-traffic areas, providing masks for all employees, and having a tamper evident packaging seal for all digital orders.

As of June 30, 2020, Chipotle continues to maintain a strong financial position with $934.6 million in cash, short-term investments and restricted cash, and no debt, along with a $600 million untapped credit facility with which to continue to navigate this crisis. This financial position improved sequentially from $909.2 million in cash, short-term investments and restricted cash, as of March 31, 2020. Furthermore, assuming the comparable restaurant sales improvement we are seeing continues, that gives us greater confidence in our potential to generate positive cash flow for the rest of this year, which will help support on-going strategic investments. That being said, our team remains focused on reducing non-essential controllable costs and judiciously spending on

 


The following information was filed by Chipotle Mexican Grill Inc (CMG) on Wednesday, July 22, 2020 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-Q Quarterly 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-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

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Condensed Consolidated Balance Sheets
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Chipotle Mexican Grill Inc provided additional information to their SEC Filing as exhibits

Ticker: CMG
CIK: 1058090
Form Type: 10-Q Quarterly Report
Accession Number: 0001058090-20-000031
Submitted to the SEC: Tue Jul 28 2020 6:20:04 PM EST
Accepted by the SEC: Wed Jul 29 2020
Period: Tuesday, June 30, 2020
Industry: Retail Eating Places

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