Chipotle Earnings Recap

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4th Quarter 2018

Today, Chipotle reported positive same-restaurant sales and better than expected restaurant margins. With a new CEO at the wheel, investors have elevated expectations for a return to greatness.

On top of positive same-restaurant sales, the company actually experienced positive transaction growth. Positive traffic is hard to come by in the restaurant industry today, so this is a great sign for investors.

Financial Highlights

  • Revenue increased 10.4% to $1.2 billion
  • Comparable restaurant sales increased 6.1%. This included 2.0% of transactions growth
  • Digital sales grew 65.6% and accounted for 12.9% of sales
  • Restaurant level operating margin was 17.0%, an increase from 14.9%
  • Diluted earnings per share was $1.15, a 25.8% decrease from $1.55.
  • Adjusted diluted earnings per share was $1.72, excluding the impact of restaurant closure costs, corporate restructuring, and certain other costs
  • Opened 40 new restaurants and closed or relocated 12

2019 Guidance Update

For 2019, management is anticipating the following:

  • Mid-single digit range comparable restaurant sales growth
  • 140 to 155 new restaurant openings
  • An estimated effective full year tax rate between 27.0% and 30.0%

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