Page 1

Chipotle InvestorRoom Chipotle Announces Third Quarter 2021 Results Record Quarterly Sales Driven By Comparable Restaurant Sales Increasing 15.1 % NEWPORT BEACH , Calif . , Oct. 21 , 2021 / PRNEWSWIRE / -- Chipotle Mexican Grill , Inc. ( NYSE : CMG ) today reported financial results for its third quarter ended September 30 , 2021 . Third quarter highlights , year over year : • Total revenue increased 21.9 % to $ 2.0 billion • Comparable restaurant sales increased 15.1 % • Digital sales grew 8.6 % and accounted for 42.8 % of sales ● Operating margin was 12.3 % , an increase from 6.7 % • Restaurant level operating margin was 23.5 % 1 , an increase of 400 basis points • Diluted earnings per share was $ 7.18 , a 154.6 % increase from $ 2.82 . Excluding a $ 0.16 after - tax net impact resulting from a tax benefit , which was partially offset by certain stock compensation expenses , corporate restructuring costs , restaurant asset impairment and closure costs , and certain other expenses , adjusted diluted earnings per share was $ 7.02 , an 86.7 % increase from $ 3.76¹ • Opened 41 new restaurants including 2 relocations Restaurant level operating margin , 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 . " Chipotle's third quarter results demonstrate strong momentum in our business fueled by a multi - pronged strategy and a passionate team that's delighted to welcome more guests back into our restaurants , " said Brian Niccol , Chairman and CEO , Chipotle . " Our team has proven their ability to be resilient and successfully execute against macro complexities . As a result , I believe we are better positioned to drive sustainable long term growth than ever before , which makes me excited about what we can accomplish in the years ahead . " COVID - 19 and Liquidity Update : The health and well - being of our employees and guests continues to be our top priority . Beyond the investments made in our people , restaurants , and supply chain , we are closely following the recommendations of the CDC and local health departments . We have implemented and enhanced numerous protocols that give our employees and guests confidence that Chipotle remains steadfast in our commitment to keep them safe as in - restaurant ordering and dining increases . As of September 30 , 2021 , Chipotle continues to maintain a strong financial position with $ 1.2 billion in cash , investments and restricted cash , and no debt . We also have access to a $ 500 million untapped credit facility . Our financial strength gives us the opportunity to make on - going strategic investments in our people , business , and communities , which we believe will benefit us for years to come . Results for the three months ended September 30 , 2021 : Revenue in the third quarter was $ 2.0 billion , an increase of 21.9 % compared to the third quarter of 2020 and includes a 15.1 % increase in comparable restaurant sales . We believe on - going strength in digital sales , the strong recovery of in - restaurant sales , and positive customer reception to our new menu items contributed to the strong revenue growth . For Q4 , while uncertainty remains on several fronts including the potential impact of COVID - 19 as well as inflationary and staffing pressures , we're encouraged by our strong underlying business momentum and if this trend continues , we expect our comparable restaurant sales to be in the low to mid double - digits range . This assumes about 200 basis points less pricing contribution during the fourth quarter versus the third quarter as we lap some of our delivery menu price increases , and our brisket limited time offer will be for a partial quarter this year as compared to the full quarter of carne asada last year . Digital sales grew 8.6 % year over year to $ 840.4 million and represented 42.8 % of sales . A little more than half of the digital sales were from order ahead transactions as guests increasingly appreciate both the convenience and value offered by this channel , as well as the added convenience of more Chipotlanes .