Chipotle net income, revenues up for year

by Meat&Poultry Staff
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DENVER – Chipotle Mexican Grill Inc. announced for its fourth quarter ended Dec. 31, net income was $46.4 million, an increase of 47.0% compared to the same quarter in 2009. Diluted earnings per share was $1.47, an increase of 48.5% and revenue increased 24.5% to $482.5 million.

Comparable restaurant sales increased 12.6% while restaurant level operating margin was 25.9%, an increase of 140 basis points.

For the 12 months ended Dec. 31, as compared to the prior year, net income was $ 179.0 million, an increase of 41.1%. Diluted earnings per share was $5.64, an increase of 42.8%. Revenue increased 20.9% to $1.84 billion. Comparable restaurant sales increased 9.4% and restaurant level operating margin was 26.7%, an increase of 180 basis points

“Our accomplishments in 2010 were many – opening our first restaurant in London, hitting the 1,000 restaurant milestone, and serving naturally raised barbacoa in all of our restaurants – just to name a few,” said Steve Ells, founder, chairman, and co-CEO. “All of our accomplishments were made possible by remaining focused on our vision to change the way the world thinks about and eats fast food.”

During the quarter Chipotle opened 62 new restaurants, bringing the total restaurant count to 1,084. For the full year, Chipotle opened 129 restaurants, including one restaurant in London and one in Toronto, Canada.
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