Fourth Quarter Results Demonstrate Chipotle’s Resiliency And January Comps Accelerate
FY20 Digital Sales Grew 174% Year-Over-Year To $2.8 Billion
NEWPORT BEACH, CA (StLouisRestaurantReview) Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2020.
Fourth quarter highlights, year over year:
- Total revenue increased 11.6% to $1.6 billion
- Comparable restaurant sales increased 5.7%
- Digital sales grew 177.2% and accounted for 49.0% of sales
- Restaurant level operating margin was 19.5%, an increase of 30 bps
- Diluted earnings per share was $6.69, which included an income tax benefit of $3.77, partially offset by a $0.56 after-tax impact from expenses related to legal, corporate restructuring, and certain other costs, a 162.4% increase from $2.55. Adjusted diluted earnings per share excluding these charges and the income tax benefit was $3.48, a 21.7% increase from $2.86.1
- Opened 61 new restaurants including two relocations, and closed one
Full year 2020 highlights, year over year:
- Total revenue increased 7.1% to $6.0 billion
- Comparable restaurant sales increased 1.8%
- Digital sales grew 174.1% and accounted for 46.2% of sales
- Restaurant level operating margin was 17.4%, a decrease of 310 bps
- Diluted earnings per share was $12.52, which included an income tax benefit of $3.79, partially offset by a $2.00 after-tax impact from expenses related to legal, corporate restructuring, restaurant closure costs, and certain other costs, a 1.1% increase from $12.38. Adjusted diluted earnings per share excluding these charges and the income tax benefit was $10.73, a 23.6% decrease from $14.05.1
- Opened 161 new restaurants including six relocations, and closed nine
1 Adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release.
“We are pleased to report a strong ending to what has been a challenging year. Despite the difficult backdrop, our ability to pivot and adapt to the rapidly changing needs of our guests is a testament to the durability of our business model and the strength of our team members,” said Brian Niccol, Chairman and Chief Executive Officer, Chipotle. “Expanding access and convenience through our digital ecosystem has kept the Chipotle brand relevant and with world class talent, an inclusive culture, strong business fundamentals and deep financial strength, we are well prepared to emerge even stronger post-COVID.”
NOTE: this is NOT the complete release.