CHIPOTLE MEXICAN GRILL $674.57 (New York symbol CMG; TSINetwork Rating: Speculative) (303- 595-4000; www.chipotle.com; Shares outstanding: 31.0 million; Market cap: $20.8 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 December 31, 2014, Chipotle’s sales jumped 26.7%, to $1.07 billion from $844.1 million a year earlier. Its restaurants attracted more customers during the quarter, which pushed up same-restaurant sales by 16.1%.
Chipotle opened 60 new outlets and now has a total of 1,783. It plans to add 190 to 205 more in 2015.
Earnings gained 52.3%, to $121.2 million, or $3.91 a share, from $79.6 million, or $2.57. Chipotle’s profits would have been even higher, but it spent 35.0% of its sales on food and ingredients, up from 33.9% a year ago. Prices rose particularly sharply for beef 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. It also trades at over 39 times its forecast 2015 earnings of $17.16 a share. That’s a high ratio that leaves the stock vulnerable if Chipotle runs into any short-term problems.
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