Chipotle Announces Improved Fourth Quarter 2018 Results
Chipotle Mexican Grill, Inc. (NYSE: CMG) has reported financial results for its fourth quarter and year ended December 31, 2018.
Revenue for the quarter was $1.2 billion, an increase of 10.4% from the fourth quarter of 2017. The increase in revenue was driven by a 6.1% increase in comparable restaurant sales and new restaurant openings. Comparable restaurant sales improved primarily as a result of an increase in average check which includes a 3.3% benefit from menu price increases. Comparable restaurant sales also improved due to a 2% increase in comparable restaurant transactions.
We opened 40 new restaurants during the quarter and closed or relocated 12, bringing the total restaurant count to 2,491.
Food, beverage and packaging costs were 33.2% of revenue, a decrease of 100 basis points compared to the fourth quarter of 2017. The decrease was primarily due to the benefit of menu price increases taken in late 2017 and early 2018 and to a lesser extent favorable avocado pricing, partially offset by increased freight expenses and...
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