Results for the three months ended December 31, 2021: Total revenue in the fourth quarter was $2.0 billion, an increase of 22.0% compared to the fourth quarter of 2020. "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. on March 10, and the "beauty-inspired all-vegan entre" will be available on the . Many will enter, but only up to Twenty One Thousand (21,000) prizes are available in this Sweepstakes. Given its history of new menu items bombing, the more time they take to fully develop and test a possible new option the better. A portion of the desserts that it serves include buuelos, Chocolate Chipotle cake, etc . Digital sales grew 3.8% year over year to $811.3 million and represented 41.6% of sales. As of today, Chipotle has begun testing its newest menu itema dessert! Through the end of February, same-store sales had increased 14.4%. All entries must be received by the end of the Sweepstakes Period in order to participate. We use words such as "anticipate", "believe", "could", "should", "may", "approximately", "estimate", "expect", "potential", "intend", "project", "encouraged", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. During the quarter, our Board of Directors approved the investment of up to an additional $100 million, exclusive of commissions, to repurchase shares of our common stock, subject to market conditions. Chipotle's revenue increased by 7.1% to $6.0 billion whereas comparable restaurant sales increased 1.8%. The increase in total revenue was driven by a 19.3% increase in comparable restaurant sales and new restaurant openings. Chipotle opened 56 locations in Q2. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management, which uses these non-GAAP measures in evaluating the company's performance. Ft. 11516 Desert Hollow Ave, Las Vegas, NV 89138. Prizes pictured in point-of-sale, online, television and print advertising, promotional packaging, and other Sweepstakes materials are for illustrative purposes only. We also have access to a $500 million untapped credit facility. Chipotle Hello 2021! 9. It turns out that Chipotle has dabbled in dessertthough only internally. Even without dessert or other new add-ons, Chipotle's sales are growing. However, judging by the positive reception toward a more recently released limited-time item, pollo asado, it seems like the company may finally be finding its groove. Why no post-carnitas confections, Chipotle? "As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is well positioned for growth. By participating in the Sweepstakes, each entrant unconditionally accepts and agrees to comply with and abide by these Official Rules and the decisions of CMG Strategy Co., LLC, 610 Newport Center Drive, Suite 1400, Newport Beach, California, 92660 (Sponsor), which shall be final and binding in all respects. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: the ongoing adverse effect of the novel coronavirus (COVID-19) pandemic on our guest traffic, restaurant sales and operating costs as a result of actions we have taken in response to the coronavirus, including closing some restaurants, ending dine in service at some restaurants while continuing to offer only takeout and/or delivery, modifying work hours at some restaurants, extending enhanced benefits to employees working during and/or impacted by the coronavirus, increasing compensation for restaurant employees, purchasing masks, gloves and additional sanitation supplies and services and delaying the construction of new restaurant openings; risks that the impact of the coronavirus pandemic will continue for a long duration and may require a more drastic response, such as closing all or most restaurants; risks of food safety and food-borne illnesses and other health concerns about our food; risks associated with our reliance on certain information technology systems and potential failures or interruptions; privacy and cyber security risks related to our acceptance of electronic payments or electronic processing of confidential customer or employee information; the impact of competition, including from sources outside the restaurant industry; the increasingly competitive labor market and our ability to attract and retain qualified employees; the impact of federal, state or local government regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the availability of suitable new restaurant sites; increases in ingredient and other operating costs due to our Food With Integrity philosophy, tariffs or trade restrictions and supply shortages; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers' perceptions of our brand, including as a result of actual or rumored food safety concerns or other negative publicity, decreased overall consumer spending (including but not limited to the increase in unemployment caused by the coronavirus pandemic), or the inability to increase menu prices or realize the benefits of menu price increases; risks associated with our increased focus on our digital business, including risks arising from our reliance on third party delivery services, which are heightened during the pendency of government restrictions on dine in restaurant services as a result of the coronavirus pandemic; risks relating to litigation, including possible governmental actions related to food safety incidents and potential class action litigation regarding employment laws, advertising claims or other matters; and other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com. In the three months ended March 31, sales at restaurants open at least 13 months jumped 9% and total revenue grew 16% to. The speed at which Chipotle employees can assemble and ring up a burrito the size of a three-month-old is awe-inspiring, and even when some menu items miss the mark, it tends to be more technical error than anything else (such as the overly steamed cauliflower rice or the chewy smoked brisket, both of which had great flavor despite their other flaws). Learn more in our Privacy Policy. Most of the other major players in fast food have some sort of dessert offering, from McDonalds famous apple pies to Taco Bells cinnamon twists to Wendys Frosty to Chick-fil-As chocolate fudge brownies. Excluding the impact of legal expenses, modification expenses related to our 2018 PSUs, corporate restructuring, and restaurant asset impairment, adjusted net income for the fourth quarter 2021 was $159.1 million and adjusted diluted earnings per share was $5.58. Chipotle Restaurant Menu for Desserts. (5) For the three months ended March 31, 2021, stock-based compensation consists of a modification to 2018 performance shares. Excluding the impact of PSU modifications, restaurant asset impairment and closure costs, and corporate restructuring expenses, adjusted net income was $153.1 million and adjusted diluted earnings per share was $5.36. Adjusted net income is net income excluding expenses related to restaurant asset impairment, corporate restructuring, legal proceedings, stock-based compensation modification expense, and certain other costs. With over 97,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Entrants should check their phones features to see if they have that capability. Chips. After Chipotle stock grew more than 65% in 2020, it has. 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. Collectively, these efforts give our employees and guests confidence that Chipotle remains steadfast in our commitment to keep them safe as we continue to increase capacity for in-restaurant dining. Management uses restaurant level operating margin as a measure of restaurant performance. . The fast-food behemoth decided that it would be a good idea to release an LGBTQIA+ themed burger in celebration of June being Pride Month. 15 Ideas for Fun Easter Food - 15 plus ideas for making cute foods your kids will love. 3. The fast-casual restaurant had a challenging 2020 and is hoping for a less eventful 2021. Restaurant operating costs (exclusive of depreciation and Set smoker at 200F. Chipotle has already definitively decided to add dessert to its menu. Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. CHIPOTLE MEXICAN GRILL, INC. These adjustments are not necessarily indicative of what our actual financial performance would have been during the periods presented and should be viewed in addition to, and not as an alternative to, our results prepared in accordance with GAAP. Message and data rates may apply. Theres nothing quite like the hyper-efficiency of Chipotle. Now, Chipotle is pivoting its attention toward bolstering its menu. Operating lease asset impairment and other restaurant costs(1), Operating lease asset impairment and other office closure costs(3), Stock-based compensation modification expense(5), Diluted weighted-average number of common shares outstanding. The Sweepstakes will end when all Burrito Codes have been distributed or at the end of the Sweepstakes Period. It may come as a surprise that Chipotle only has 5 items on their regular menu. 2Non-GAAP general and administrative expenses and non-GAAP effective income tax rate are non-GAAP measures. From zesty cilantro lime rice, to juicy beef barbacoa, to freshly made salsa, this homemade version will beat Chipotle's burrito bowl any day. With Chipotle's new online fundraising option, a restaurant fundraiser is a great choice for those wanting to set up a fundraiser with ease, impact, and real food. (3) Asset impairment charges and other closure expenses for the corporate headquarter relocation and office consolidation announced in May 2018. We restarted the buyback program in late February and repurchased $61.2 million of stock at an average price of $1,425 during the first quarter. For the three months ended March 31, 2020, stock-based compensation consists of stock modification charges associated with the departure of our former Executive Chairman primarily related to his 2017 agreement. General and administrative expenses for the fourth quarter were$159.8 millionon a GAAP basis, or$132.8 million2on a non-GAAP basis, excluding$18.0 million related to the proposed settlement of legal matters, $7.6 million for a COVID-19 related modification made in December 2020 to the 2018 performance shares, and$1.3 millionrelated to transformation expenses, restaurant closure costs and certain other costs. 6. "Average restaurant sales, excluding We had a total of 355 Chipotlanes as of year-end. Please reply to this text to complete the process. This is intended to illustrate our Highlights from Chipotle's 2021 Sustainability Report Update include: People Impact 90% of restaurant management roles were internal promotions Promoted almost 19,000 team members Offered free & confidential Employee Assistance Program (EAP) services to all Chipotle Employees Achieved a Human Rights Campaign Corporate Equality Index score of 100 But the lack of a dessert has also not gone unnoticed. The call will be webcast live from the company's website on the investor relations page at ir.chipotle.com/events. Chipotle declined on both counts. In fact, Chipotle CEO Brian Niccol is so pleased with the new product that he touted its performance as outstanding and the chains most popular protein to date. He even went as far as to give pollo asado the credit for Chipotle exceeding revenue expectations in the second fiscal earnings quarter of 2022. The company announced its Q4 results Tuesday afternoon, which included a comp sales increase of 5.7%, a revenue increase of 11.6% and digital sales growth of 177.2% . accrued liabilities, Acquisition of treasury stock accrued in accounts payable and accrued liabilities, Average restaurant sales, excluding For event catering, food for friends or just yourself, Chipotle offers personalized online ordering and catering. From wellplated.com. (8) Primarily relates to the tax benefit from the federal net operating loss generated on our federal income tax return and carried back to prior years. BestsellerThe Barista Express grinds, foams milk, and produces the silkiest espresso at the perfect temperature. For, (3) For the three months ended March 31, 2020, other adjustments consists of severance associated with the departure of our former, Do Not Sell or Share My Personal Information, California Transparency in Supply Chains Act, Privacy Policy, including California Privacy Rights, Comparable restaurant sales increased 17.2%, Digital sales grew 133.9% and accounted for 50.1% of sales, Restaurant level operating margin was 22.3%, an increase of 470 basis points, Opened 40 new restaurants and closed 5 restaurants, 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%. The same logic might explain the dearth of sweet items available at Chipotle. chipotle dessert 2021. The increase was due primarily to elevated inflation on beef and freight, and to a lesser extent, avocado costs that more than offset the leverage from menu price increases. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management, which uses these non-GAAP measures in evaluating the company's performance. Hopefully the test run of the Mexican Chocolate Shake didnt result in constantly broken equipment, like the McDonalds McFlurry, or well never get to experience it. Chipotle Coupons and Promo Codes for March. Let rest at least 15 minutes while you prep the other ingredients or refrigerate for up to 8 . We opened 78 new restaurants during the fourth quarter with 67 (or 86%) including a Chipotlane. CHIPOTLE MEXICAN GRILL, INC.RECONCILIATION OF NON-GAAP FINANCIAL MEASURES. delivery MPI" represents average restaurant sales, as defined above, adjusted to remove the impact of delivery menu price increases. And of the 200 or so stores it expects to bring to market across all of 2021, roughly 70 percent will feature the window. Chipotle will be one of them. During the quarter, our Board of Directors approved the investment of up to an additional $200.0 million, exclusive of commissions, to repurchase shares of our common stock, subject to market conditions. CHIPOTLE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 RESULTS FY21 TOTAL REVENUE INCREASED 26.1% YEAR-OVER-YEAR TO $7.5 BILLION TOTAL NORTH AMERICAN OPPORTUNITY EXPANDED TO 7,000 RESTAURANTS WITH ANNUAL UNIT GROWTH OF 8% TO 10% Reconciliations to GAAP measures and further information are set forth in the table at the end of this press release. GENERAL LIABILITY RELEASE/FORCE MAJEURE: Each entrant (and any minor entrants parent or legal guardian) agrees that the Sweepstakes Entities (A) shall not be responsible or liable for, and are hereby released from, any and all costs, injuries, losses or damages of any kind, including, without limitation, death and bodily injury, due in whole or in part, directly or indirectly, to participation in the Sweepstakes or any Sweepstakes-related activity, or from entrants acceptance, receipt, possession and/or use or misuse of any prize, and (B) have not made any warranty, representation or guarantee express or implied, in fact or in law, with respect to any prize, including, without limitation, to such prizes quality or fitness for a particular purpose. In the event a dispute regarding the identity of the individual who actually submitted an entry cannot be resolved to Sponsors satisfaction, the affected entry will be deemed ineligible. Proof of text messaging the Short Code is not considered proof of delivery to or receipt by Sponsor of such entry. The dish is called buuelos, and they're bite-size squares of flour tortillas that are fried and dusted with cinnamon and. Restaurant level operating margin was 22.3%, an increase from 17.6% in the first quarter of 2020. No mechanically reproduced, illegible, incomplete, forged, software-generated or other automated multiple entries will be accepted. We made this, (2) In Q3 2020, we began implementing delivery menu-price increases ("MPI") to partially offset the increased cost of delivery. I like the place, But it's not very welcoming. Entry must be made by the entrant, only via text message. Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of March 31, Common stock, $0.01 par value, 230,000 shares authorized, 36,936 and 36,704 shares issued as. A Mexican chocolate shake? Rub and turn to coat. Comparable restaurant sales were fairly consistent in each month of the fourth quarter due to a combination of factors including healthy demand for Smoked Brisket, strength in digital sales, and the benefit of menu price increases. Wendys is launching a new strawberry Frosty flavor. Sure, the chain is known for rapid-fire tex-mex, but those in the known say there might be several reasons why desserts have never been available. For more information or to place an order online, visit WWW.CHIPOTLE.COM. 8. amortization shown separately below): Impairment, closure costs, and asset disposals. Had to wait another 15 for them to cook steak since it wasn't even started yet. In Chipotle's mind, dessert would be another perfect opportunity for customers to spend a little more each time they visit. If, however, subpart (vi) is found to be invalid, unenforceable or illegal, then the entirety of this arbitration provision shall be null and void, and neither entrant nor Sponsor shall be entitled to arbitrate their dispute. Beyond the investments made in our people, restaurants, and supply chain, we are closely following the recommendations of the CDC and local health departments and have implemented social distancing, wearing face masks, a tamper evident packaging seal for all digital orders, as well as creating the steward role to sanitize high-traffic areas. 4. Freepotle: Get More Free Food with Chipotle Rewards 2023 Drops. Assuming the effects of the pandemic continue to subside, we expect first quarter 2022 comparable restaurant sales to be in the mid to high single digits range. (1) Transformation expenses include duplicate rent expense for office and restaurant closures announced in June 2018 due to the corporate restructuring and underperformance of $1,249 and $5,116 for the three months and year ended December 31, 2021, respectively, and employee related restructuring costs of $54 and $449 for the three months and year ended December 31, 2021, respectively. change to more closely align with how management views the business and given the increase in the delivery business. Proof of text messaging the Short Code is not considered proof of delivery to or receipt by Sponsor of such entry. Popular fast-casual Mexican food chain Chipotle is currently super focused on luring in new customers as of late. Food, beverage and packaging costs in the first quarter were 30.0% of revenue, a decrease of 280 basis points compared to the first quarter of 2020. "Average restaurant sales, excluding, Operating lease asset impairment and other restaurant costs, Operating lease asset impairment and other office closure costs, Stock-based compensation modification expense, (1) For the three months ended March 31, 2021, transformation expenses include duplicate rent expense for office and restaurant, (2) For the three months ended March 31, 2021, stock-based compensation consists of a modification to 2018 performance shares. Certain statements in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about our future cash flow, new restaurant development plans and future long-term prospects. The naan flatbread is $8, and we remember the flatbread being delicious, but the chipotle hummus might be a bit much for you if you don't enjoy spice. About half of the digital sales were from order ahead transactions as guests appreciate both the convenience and value offered by this channel, as well as the added convenience of more Chipotlanes. SHARE For the year ended December 31, 2020, stock-based compensation consists of a March 2020 modification associated with the departure of our former Executive Chairman primarily related to his 2017 agreement of $1,485, and costs of a COVID-19 related modification made in December 2020 to our 2018 performance shares of $466. 2. SOLD FEB 21, 2023. Although, it will likely be some time before customers see any new items, desserts or otherwise, pop up. Additionally, these high levels of calories, fat, and sodium is a result of the making process. earn rewards, or $0 delivery + more depending on the latest offers. Yield 8 servings Prep Time 5 minutes Cook Time 0 minutes Total Time 5 minutes Course Sauce Cuisine Mexican Author Sabrina Snyder Rate Ingredients US Customary Metric Certain statements in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about our goals for number of Chipotle restaurants, restaurants with Chipotlanes and rate of expansion, first quarter 2022 comparable restaurant sales, estimated tax rates, future cash flow, and future long-term prospects. The invalidity or unenforceability of any provision of these rules shall not affect the validity or enforceability of any other provision. periods presented has been updated to conform with the new definition. 1Restaurant level operating margin, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. For 2021, management is anticipating the following: Thefollowing definitions apply to these terms as used throughout this release: Chipotlewill host a conference call to discuss first quarter 2021 financial results on Wednesday, April 21, 2021, at 4:30 PM Eastern time.
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