Chipotle Mexican Grill Inc. (NYSE: CMG) reported its first-quarter financial results after the markets closed on Tuesday. The burrito giant said it had a net loss of $0.88 per share on $834.5 million in revenue. That compares to consensus estimates from Thomson Reuters that called for a net loss of $0.95 per share and revenue of $880.21 million. In the same period of last year, Chipotle posted earnings per share (EPS) of $3.88 and $1.09 billion in revenue.
Comparable restaurant sales decreased 29.7%, while comparable restaurant transactions decreased 21.1%.
The company opened 58 new restaurants during the quarter, bringing the total restaurant count to 2,066.
In terms of the outlook for 2016, Chipotle did not give its normal guidance for revenue or EPS, but this is for good reason, as management probably doesn’t want anyone to overreact. The company did note that it plans to open between 220 and 235 stores for the year. Consensus estimates for the full year call for $6.12 in EPS on $4.38 billion in revenue.
Steve Ells, founder, chairman and co-CEO of Chipotle, commented:
As our sales are on a gradual path to recovery, we remain focused on our mission of changing the way people think about and eat fast food. The best approach to re-building our business is to proudly serve safe and delicious food in our high-quality restaurants every single day, which is exactly what we will continue to do.
Monty Moran, co-CEO, added:
Our restaurants and leadership teams have worked hard to overcome the challenges of the first quarter. What is most important is that we continue to build teams of top performers in our restaurants, and among our field leadership, which will allow us to continue to improve on our already high standards and exceptional customer experience. We have some of the best employees in the industry, which continues to serve as a competitive advantage, and we will continue to invest in our people culture to help expedite the next stage of growth for Chipotle.
Shares of Chipotle closed Tuesday at $445.92, with a consensus analyst price target of $478.67 and a 52-week trading range of $399.14 to $758.61. Following the release of the earnings report the stock was down 5.2% at $422.50 in the after-hours trading session.
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