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Chipotle Mexican Grill Inc (CMG) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Chipotle Mexican Grill Inc

CIK: 1058090 Ticker: CMG

Exhibit 99.1

 

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Alex Spong

303-222-2552

 

Chipotle Mexican Grill, Inc. Announces Fourth Quarter and Full Year 2013 Results

Denver, Colorado (Business Wire) January 30, 2014 Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2013.

Highlights for the fourth quarter of 2013 as compared to the fourth quarter of 2012 include:

 

    Revenue increased 20.7% to $844.1 million

 

    Comparable restaurant sales increased 9.3%

 

    Restaurant level operating margin was 25.6%, an increase of 100 basis points

 

    Net income was $79.6 million, an increase of 29.8%

 

    Diluted earnings per share was $2.53, an increase of 29.7%

 

    Opened 56 new restaurants

Highlights for the twelve months ended December 31, 2013 as compared to the prior year include:

 

    Revenue increased 17.7% to $3.21 billion

 

    Comparable restaurant sales increased 5.6%

 

    Restaurant level operating margin was 26.6%, a decrease of 50 basis points

 

    Net income was $327.4 million, an increase of 17.8%

 

    Diluted earnings per share was $10.47, an increase of 19.7%

 

    Opened 185 new restaurants

“We are very proud of our accomplishments during 2013. Over the past 20 years, we have created a very unique and special restaurant company. Chipotle is a place that appeals to a diverse customer base throughout the country and beyond. We offer our customers a range of flavors from a focused selection of beautiful, top-quality ingredients that are expertly prepared by a passionate team of extraordinary people. Our focus on our unique people and food cultures has created an impressive demand for a restaurant experience that is redefining fast food for the better,” said Steve Ells, Founder, Chairman and Co-CEO of Chipotle.

Results for the fourth quarter 2013

Revenue for the quarter was $844.1 million, up 20.7% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 9.3% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by the impact of increased traffic.

During the quarter we opened 56 new restaurants, bringing the total restaurant count to 1,595.

Food costs were 33.9% of revenue, an increase of 40 basis points driven mostly by higher avocado costs and to a lesser extent from tomato and corn salsa costs, partially offset by lower dairy and steak costs.

Restaurant level operating margin was 25.6% in the quarter, an increase of 100 basis points from the prior year period. The increase was due to favorable sales leverage and lower marketing costs, partially offset by higher food costs.

G&A costs were 6.6% of revenue, up 40 basis points from the prior year due to higher bonus expenses and employee taxes. Net income for the fourth quarter of 2013 was $79.6 million, or $2.53 per diluted share, compared to $61.4 million, or $1.95 per diluted share, in the fourth quarter of 2012.


The following information was filed by Chipotle Mexican Grill Inc (CMG) on Friday, January 31, 2014 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 this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Income And Comprehensive Income
Consolidated Statement Of Shareholders' Equity
Consolidated Statement Of Shareholders' Equity (parenthetical)
Commitments And Contingencies
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) (details)
Earnings Per Share (narrative) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (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 (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)
Shareholders' Equity
Shareholders' Equity (narrative) (details)
Stock Based Compensation (narrative) (details)
Stock Based Compensation (schedule Of Assumptions To Value Sosar Awards Granted) (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)
Stock-based Compensation
Supplemental Financial Information
Supplemental Financial Information (schedule Of Accrued Liabilities) (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: 0001193125-14-035451
Submitted to the SEC: Tue Feb 04 2014 8:22:21 PM EST
Accepted by the SEC: Wed Feb 05 2014
Period: Tuesday, December 31, 2013
Industry: Retail Eating Places

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