Chipotle Mexican Grill, Inc. (NYSE: CMG) reported financial results for its first quarter ended March 31, 2021.
Q1 Overview:
- Revenue increased 23.4% to $1.7 billion
- Comparable restaurant sales increased 17.2%
- Restaurant level operating margin was 22.3%, an increase of 470 basis points
- Opened 40 new restaurants
Leadership responded with excitement and a strong optimistic future outlook. “Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” said Brian Niccol, Chairman and CEO, Chipotle. “I believe Chipotle is well positioned for growth. I’m excited about our future as we remain focused on innovating in culinary, leading in food with integrity, and providing convenient access inside our restaurants and through our expanding digital ecosystem,” continued Niccol.
For 2021, management is anticipating the following:
- Given on-going uncertainty surrounding the future impact of COVID-19 on the broader US economy and any specific impact to our company, we are not providing fiscal 2021 comparable restaurant sales growth guidance
- Around 200 new restaurant openings, which assumes minimal construction and permit delays related to COVID-19
- An estimated effective full year tax rate between 25% and 27%
Additionally, Chipotle remains in great standing moving forward. “As of March 31, 2021, Chipotle continues to maintain a strong financial position with nearly $1.2 billion in cash, investments and restricted cash, and no debt. “
Source: Chipotle IR, 4/21/21
Photo Credit: Wikimedia Commons
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Chipotle had over 2,800 restaurants as of March 31, 2021, in the United States, Canada, the United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all its restaurants. With over 97,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. Steve Ells, founder and former executive chairman, first opened Chipotle with a single restaurant in Denver, Colorado in 1993. For more information or to place an order online, visit WWW.CHIPOTLE.COM.
