Q1 2025 Chipotle Mexican Grill Inc Earnings Call Transcript
Key Points
- Chipotle Mexican Grill Inc (CMG) reported a sales growth of over 6% to reach $2.9 billion in the first quarter.
- The launch of Chipotle Honey Chicken has been successful, driving incremental transactions and receiving positive guest feedback.
- The company opened 57 new restaurants in the quarter, with plans to open between 315 and 345 new restaurants this year.
- Chipotle Mexican Grill Inc (CMG) is investing in technology and innovation, including the rollout of produce slicers and a new equipment package to improve efficiency.
- The company maintains a strong balance sheet with $2.1 billion in cash and no debt, allowing for continued investment in growth and innovation.
- Comparable sales declined by 0.4% in the first quarter, indicating a slowdown in consumer spending.
- Restaurant level margin decreased by 130 basis points year over year to 26.2%.
- The company faces headwinds from inflation and higher usage costs, particularly in avocados, dairy, and chicken.
- Chipotle Mexican Grill Inc (CMG) is experiencing a slowdown in underlying transaction trends due to consumer uncertainty and economic concerns.
- The impact of tariffs on cost of sales and new store builds remains uncertain, potentially affecting margins and capital expenditures.
Good day and welcome to the Chipotle Mexican Grill first-quarter 2025 conference call. (Operator Instructions) Please note that this event is being recorded.
I would now like to turn the conference over to Cindy Olsen, Head of Investor Relations and Strategy. Please go ahead.
Hello, everyone, and welcome to our first-quarter fiscal 2025 earnings call. By now, you should have access to our earnings press release. If not, it may be found on our Investor Relations website at ir.chipotle.com.
I will begin by reminding you that certain statements and projections made in this presentation about our future business and financial results constitute forward-looking statements. These statements are based on management's current business and market expectations, and our actual results could differ materially from those projected in the forward-looking statements. Please see the risk factors contained in our annual report on Form 10-K and our Form 10-Q for a discussion of
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