Chipotle Mexican Grill, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Tax Rate Guidance for the Year 2014 and 2015
Oct 20 14
Chipotle Mexican Grill, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, revenue was $1,084,222,000 against $826,907,000 a year ago. Income from operations was $207,436,000 against $137,154,000 a year ago. Income before income taxes was $208,221,000 against $137,919,000 a year ago. Net income was 130,801,000 against $83,379,000 a year ago. Diluted earnings per share were $4.15 against $2.66 a year ago. Comparable restaurant sales increased 19.8%. Comparable restaurant sales growth was driven primarily by increased traffic and from an increase in average check.
For the nine months, revenue was $3,038,458,000 against $2,370,444,000 a year ago. Income from operations was $522,928,000 against $403,616,000 a year ago. Income before income taxes was $525,546,000 against $404,977,000 a year ago. Net income was $324,140,000 against $247,816,000 a year ago. Diluted earnings per share were $10.29 against $7.93 a year ago. Net cash provided by operating activities was $549,756,000 against $388,715,000 a year ago. Purchases of lease hold improvements, property and equipment were $160,400,000 against $136,665,000 a year ago. Comparable restaurant sales increased 17.0%
For 2014, management expects Mid-teens comparable restaurant sales increases and an effective full year tax rate of approximately 38.5%.
For 2015, management expects Low to mid-single digit comparable restaurant sales increases and an estimated effective tax rate of 39.1%.
Deshandre Woodards Sues Chipotle Mexican Grill Alleging Chipotle Told Staff to Work 'Off the Clock'
Oct 15 14
A Minneapolis man is suing Chipotle Mexican Grill, alleging that he and other employees at the Golden Valley location were ordered to keep working "off the clock" after punching out and were not paid for the unrecorded time. Even if employees didn't punch out, Deshandre Woodards' federal suit continued, Chipotle had its time clocks set to take care of that automatically. The suit said the tactics have been going on for years at the "fast-casual" chain of more than 1,600 outlets, which has built a dedicated customer base in part because it touts its ethics and health benefits in the selection of natural ingredients for its Mexican-style menu. The company did file a 14-page response in an earlier Minnesota case denying the crux of those claims. The suit filed in St. Paul a week ago against Chipotle seeks back pay on behalf of Woodards along with unspecified damages and payment of legal expenses. The 29-year-old plaintiff, who left Chipotle in August 2012 after less than a year, also asks the court to gives his suit class-action status, meaning tens of thousands of other current and former hourly workers could receive any potential payout. In his suit, Woodards says that Chipotle encourages its managers "to require that work be performed off the clock" after 12:30 a.m. and has a system of "reward and punishment" for supervisors who either stay within or exceed their payroll budgets. The suit alleges that Chipotle routinely conducts training, meetings and other activities that employees are "required to attend, but for which they are not allowed to punch in." It also says the company does not maintain sufficient records of its employees' wages and hours. Woodards alleges that he was told on his first day reporting for work in October 2011 that he would not be paid while being trained. After his first day, he was required to punch out at the end of his shift but continued to clean up and attend night meetings. Unpaid time would range from 10 to 15 hours a week. He also said that his complaints about not being paid were met with being scheduled fewer hours and being labeled as not being a "team player" and having a "bad attitude".
Chipotle Mexican Grill, Inc. to Report Q3, 2014 Results on Oct 20, 2014
Sep 5 14
Chipotle Mexican Grill, Inc. announced that they will report Q3, 2014 results at 4:30 PM, US Eastern Standard Time on Oct 20, 2014