CHIPOTLE MEXICAN GRILL $658.56 (New York symbol CMG; TSINetwork Rating: Speculative) (303- 595-4000; www.chipotle.com; Shares outstanding: 31.0 million; Market cap: $20.4 billion; No dividends paid) is a Denverbased Mexican restaurant chain. It charges slightly higher prices than fast food companies, but it offers better quality food, including naturally raised meat, and superior decor and service.
In the three months ended September 30, 2014, Chipotle’s sales jumped 31.1%, to $1.08 billion from $826.9 million a year earlier. Its restaurants attracted more customers during the quarter, which pushed up same-restaurant sales by 19.8%. Traffic increased even though Chipotle raised its prices.
Chipotle also opened 43 new outlets and now has a total of more than 1,700. In all of 2014, it aims to open 180 to 195 locations. In 2015, it plans to add 190 to 205 more.
Earnings gained 56.9%, to $130.8 million, or $4.15 a share, from $83.4 million, or $2.66.
Chipotle’s profits would have been even higher, but it spent 34.3% of its sales on food and ingredients in the latest quarter, up from 33.6% a year ago. Prices rose particularly sharply for beef, avocados and dairy products.
The company is a well-established chain with a growing following, especially among healthconscious, environmentally aware consumers.
Still, Chipotle operates in the fickle and extremely competitive U.S. restaurant market. The stock trades at over 41 times its forecast 2015 earnings of $15.75 a share. That’s a high ratio that leaves the stock vulnerable if the company runs into any short-term problems.
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