NEWPORT BEACH, Calif., Oct. 22, 2019 /PRNewswire/ — Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2019.
Third quarter highlights, year over year:
- Revenue increased 14.6% to $1.4 billion
- Comparable restaurant sales increased 11.0%, net of 10 bps from loyalty deferral, and included nearly 7.5% of comparable restaurant transactions growth
- Digital sales grew 87.9% and accounted for 18.3% of sales for the quarter
- Restaurant level operating margin was 20.8%, an increase of 210 basis points
- Diluted earnings per share was $3.47, net of a $0.35 after-tax impact from expenses related to restaurant asset impairment, corporate restructuring, and certain other costs, a 155.1% increase from $1.36. Adjusted diluted earnings per share excluding these charges was $3.82, a 76.9% increase from $2.16.1
- Opened 25 new restaurants including one relocation, and closed one restaurant
1 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.
“We’re pleased with our overall results in the quarter, which reflects further progress on our key strategic initiatives to provide a great guest experience and position Chipotle to deliver above industry growth for many years to come,” said Brian Niccol, Chief Executive Officer. “These strong results reinforce that running great restaurants with a purpose of cultivating a better world is a compelling proposition.”
October, 22 2019
Del Taco Restaurants, Inc., (NASDAQ:TACO), the second largest Mexican-American quick service restaurant chain by units in the United States, yesterday reported fiscal third quarter 2019 financial results for the 12-week period ending September 10, 2019.
Fiscal Third Quarter 2019 Highlights
- System-wide comparable restaurant sales increased 1.0%;
- Company-operated comparable restaurant sales increased 0.4%. Company-operated comparable restaurant sales were comprised of average check growth of 4.1%, including modest menu mix growth, mostly offset by a transaction decline of 3.7%;
- Franchised comparable restaurant sales increased 1.8%;
- Total revenue of $120.2 million representing 2.0% growth from the fiscal third quarter 2018;
- Company-operated restaurant sales of $111.1 million representing 1.4% growth from the fiscal third quarter 2018;
- Net loss of $7.7 million, or $0.21 per diluted share, compared to net income of $5.9 million, or $0.15 per diluted share, in the fiscal third quarter 2018;
- Adjusted net income* of $3.7 million, or $0.10 per diluted share, compared to $6.0 million, or $0.15 per diluted share, in the fiscal third quarter 2018;
- Restaurant contribution* margin of 16.8%, which includes an approximate 70 basis points unfavorable impact from the adoption of the new lease accounting standard, compared to 19.9% in the fiscal third quarter 2018;
- Adjusted EBITDA* of $14.5 million, which includes approximately $0.7 million of unfavorable impact from the adoption of the new lease accounting standard, compared to $17.7 million in the fiscal third quarter 2018; and
- Two company-operated restaurants and two franchised restaurant openings and one company-operated restaurant closure. Del Taco also opportunistically acquired a high-volume franchised restaurant in Southern California.
* Adjusted net income, restaurant contribution, and adjusted EBITDA are non-GAAP measures and defined below under “Key Financial Definitions”. Please see the reconciliation of non-GAAP measures accompanying this release.
John D. Cappasola, Jr., President and Chief Executive Officer of Del Taco, commented, “Our continued focus on value and innovation resulted in our ‘Fresh Faves’ box meals and our Beyond platform each mixing at over 6% during the third quarter, while the debut of our $2 Breakfast Toasted Wrap reinvigorated our breakfast daypart. Still, flattish comparable restaurant sales at company-operated restaurants coupled with inflationary pressures on food, labor, and operating expenses resulted in lower restaurant contribution and adjusted EBITDA compared to the year-ago period. Given our results to date, as well as a more cautious stance on our current 16-week fourth quarter, we have revised our annual guidance.”