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Chipotle Mexican Grill Inc (CMG) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 2021 RESULTS

COMPARABLE restaurant SALES accelerate to 31.2%, RESULTING IN RECORD OPERATING PROFITABILITY



NEWPORT BEACH, Calf. – July 20, 2021 – Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2021.

Second quarter highlights, year over year:

·

Revenue increased 38.7% to $1.9 billion

·

Comparable restaurant sales increased 31.2%

·

Digital sales grew 10.5% and accounted for 48.5% of sales

·

Operating margin was 13.0%, an increase from -0.4%

·

Restaurant level operating margin was 24.5%1, the highest since Q3, 2015, and an increase of 1,230 basis points

·

Diluted earnings per share was $6.60, a 2,175.9% increase from $0.29. Excluding an $0.86 after-tax impact from expenses related to the 2018 performance share (“PSU”) modification to account for the unplanned effects of COVID-19, restaurant asset impairment and closure costs, corporate restructuring, legal proceedings as well as other costs, adjusted diluted earnings per share was $7.46, a 1,765.0%  increase from $0.40  1

·

Opened 56 new restaurants including one relocation, and closed five

1 Restaurant level operating margin, 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.

“Chipotle’s second quarter results highlight the strength of our brand and our people, as we demonstrated growing momentum in the business," said Brian Niccol, Chairman and CEO, Chipotle. "We remain confident in our key growth strategies and believe they will help us achieve our next goal of $3 million average unit volumes with industry leading returns on invested capital that improve as we continue to add Chipotlanes. Strong restaurant level economics combined with significant restaurant growth should allow us to optimize earnings power for many years to come.”

COVID-19 and Liquidity Update:

The health and well-being of our employees and guests continues to be our top priority. Beyond the investments made in our people, restaurants, and supply chain, we are closely following the recommendations of the CDC and local health departments. We have implemented and enhanced numerous protocols that give our employees and guests confidence that Chipotle remains steadfast in our commitment to keep them safe as capacity restrictions ease and in-restaurant ordering and dining increases.

As of June 30, 2021, Chipotle continues to maintain a strong financial position with nearly $1.2 billion in cash, investments and restricted cash, and no debt. We also have access to a  $500 million untapped credit facility. Our financial strength gives us the opportunity to make on-going strategic investments in our people, business, and communities, which we believe will benefit us for years to come.

 


The following information was filed by Chipotle Mexican Grill Inc (CMG) on Tuesday, July 20, 2021 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Income And Comprehensive Income
Condensed Consolidated Statements Of Shareholders' Equity
Basis Of Presentation And Update To Accounting Policies
Basis Of Presentation And Update To Accounting Policies (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Debt
Debt (Narrative) (Details)
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)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Narrative) (Details)
Fair Value Of Financial Instruments (Summary Of Assets Measured At Fair Value On Nonrecurring Basis) (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Supplemental Cash Flow Related To Leases) (Details)
Leases (Tables)
Recently Issued Accounting Standards
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Revenue Recognition
Revenue Recognition (Changes In Liability Balance) (Details)
Revenue Recognition (Liability Included In Unearned Revenue) (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
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Summary Of Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Tables)
Ticker: CMG
CIK: 1058090
Form Type: 10-Q Quarterly Report
Accession Number: 0001058090-21-000039
Submitted to the SEC: Fri Jul 23 2021 2:10:42 PM EST
Accepted by the SEC: Fri Jul 23 2021
Period: Wednesday, June 30, 2021
Industry: Retail Eating Places

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