Last Update: 19-Apr-13 07:43 ET
Chipotle shares rise 3% following beat on EPS
Chipotle Mexican Grill (CMG $340.00 +11.64) reported first quarter earnings of $2.45 per share, includes $0.10 income tax benefit (Capital IQ consensus of $2.14), while revenues rose 13.5% year/year to $726.8 million versus the $724.74 million consensus. CMG reports Q1 comparable restaurant sales of +1% versus approximately 1.2% estimate and reports Q1 restaurant level operating margin of 26.3% vs ~25.1% estimate Food costs were 33.0% of revenue, an increase of 80 basis points driven by higher commodity costs. Higher commodity costs were driven by inflationary pressures on many of ingredients, particularly salsa and other produce, as well as dairy and chicken. This increase was partially offset by lower avocado prices. Guidance: CMG sees FY13 comparable restaurant sales growth of low single digit comparable vs prior guidance for Flat to low single digit comparable restaurant sales excluding additional menu price increases and ~4% estimate. CMG reaffirms FY13 new restaurant opening of 165-180, prior guidance 165-180 million.
Chipotle Mexican Grill (CMG $340.00 +11.64) reported first quarter earnings of $2.45 per share, includes $0.10 income tax benefit (Capital IQ