Chipotle Mexican Grill, Inc. (CMG-NYSE) has posted results: $0.38 EPS and revenues $236.1 million, compared to estimates of $0.32 & $228 million. It also issued same store sales of +8.3% and 0.5% higher operating margins at 20.7%. Comparable restaurant sales growth was primarily due to an increase in customer visits.
We do not have exact guidance, but here is a comment from the company: "We are increasing our 2007 outlook for comparable restaurant sales and new restaurant openings, and we expect our openings to be level loaded throughout the year. We remain confident in our ability to grow diluted earnings per share at an average annual rate of at least 25% over the long-term."
For the full year 2007, management is increasing its expectations of comparable restaurant sales increases and new unit development as follows: Comparable restaurant sales increases in the mid to high single digits; 110 – 120 new restaurant openings.
Chipotle (CMG) shares are trading up 4% after the report at $69.00, and that would be a new 52-week high above the $68.00 level. Its 52-week trading range was $455.82 to $68.00. This is also after the short interest shrank in April to 4.66 million shares from the 4.819 million shares in March.
Jon C. Ogg
May 1, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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