Chipotle Mexican Grill reported financial results for its fourth quarter and full year ending December 31, 2010, including a 24.5 percent revenue increase from 2009, bringing revenue to $482.5 million.
The growth in revenue was the result of new restaurants not in the comparable base and a 12.6% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic in the quarter.
During the quarter Chipotle opened 62 new restaurants, bringing the total restaurant count to 1,084.
“Our accomplishments in 2010 were many--opening our first restaurant in London, hitting the 1,000 restaurant milestone, and serving naturally raised barbacoa in all of our restaurants--just to name a few," says Steve Ells, founder and co-CEO.
"All of our accomplishments were made possible by remaining focused on our vision to change the way the world thinks about and eats fast food,” Ells says.
Restaurant level operating margin was 25.9% in the quarter, an increase of 140 basis points over the prior year period. The increase was primarily driven by the impact of comparable restaurant sales growth which was partially offset by increased food costs.
Net income for the fourth quarter of 2010 was $46.4 million, or $1.47 per diluted share, compared to $31.6 million, or $0.99 per diluted share, in the fourth quarter of 2009.
Revenue for the full year of 2010 was $1.84 billion, up 20.9% from the prior year. The growth in revenue was the result of new restaurants not in the comparable base and a 9.4% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic during the year.
For 2011, management expects 135-145 new restaurant opening, low single digit comparable restaurant sales growth, and an effective tax rate of approximately 38.3 percent.