Chipotle Mexican Grill revenue decreased 23.4%
Comparable restaurant sales decreased 29.7%. Comparable restaurant transactions decreased 21.1%.
Restaurant level operating margin was 6.8%, a decrease from 27.5%. Net loss was $26.4 million, a decrease from net income of $122.6 million. Diluted loss per share was $0.88, a decrease from diluted earnings per share of $3.88. The company opened 58 new restaurants.
Food costs were 35.3% of revenue, an increase of 140 basis points as compared to the first quarter of 2015. The increase was driven by food testing and waste costs, and increased costs for pre-cut produce items. Increases in food costs were partially offset by relief in beef prices.
Restaurant level operating margin was 6.8% in the quarter, a decrease from 27.5% in the first quarter of 2015. The decrease was primarily driven by unfavorable sales leverage, and to a lesser extent by higher than usual marketing and promotional costs, and food testing and waste costs.
General and administrative expenses were 7.4% of revenue for the first quarter of 2016, an increase of 160 basis points over the first quarter of 2015 due to sales deleverage, partially offset by lower non-cash stock based compensation expense.
Net loss for the first quarter of 2016 was $26.4 million, or $0.88 per diluted share, compared to net income of $122.6 million, or $3.88 per diluted share, in the first quarter of 2015. ■