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Chipotle Mexican Grill Q1 revenue up 20.4%

Staff writer |
Chipotle Mexican Grill reported financial results for its first quarter ended March 31, 2015. Revenue was $1.09 billion, up 20.4% from Q1 2014.

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The growth in revenue was driven by new restaurants not in the comparable base and a 10.4% increase in comparable restaurant sales. Comparable restaurant sales growth was driven primarily by an increase in average check, which includes the benefit of a nationwide menu price increase that was fully rolled out during the second quarter of 2014, and to a lesser extent by increased traffic.

We opened 49 new restaurants during the quarter, bringing the total restaurant count to 1,831.

Food costs were 33.9% of revenue, a decrease of 60 basis points, as the benefit of our menu price increase were partially offset by increased beef and tortilla costs as compared to the first quarter of 2014.

Restaurant level operating margin was 27.5% in the quarter, an increase of 160 basis points from the first quarter of 2014. The increase was primarily driven by favorable sales leverage.

General and administrative expenses were 5.8% of revenue, a decrease of 160 basis points due to lower non-cash stock based compensation expense.

Net income for the first quarter of 2015 was $122.6 million, or $3.88 per diluted share, compared to $83.1 million, or $2.64 per diluted share, in the first quarter of 2014.

"Our teams of top performers continue to create extraordinary customer experiences in our restaurants, which generates customer loyalty and attracts new customers. We are very pleased with our field leadership’s ability to empower restaurant teams and develop new leaders. This competitive advantage is at the heart of our people culture, and we believe will continue to deliver strong business results throughout 2015," said Monty Moran, co-CEO of Chipotle. ■

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