Chipotle Sales Trends End 2016 on a Positive Note, but Increased Promotional Costs Cause for Concern
We believe there are two key takeaways for investors following narrow-moat Chipotle's preliminary fourth-quarter update, which calls for a comp decline of 4.8%, restaurant margins between 13% and 14%, and an EPS range of $0.50-$0.58 per share (each of which was modestly worse than we expected). The first is that comps are improving, with trends improving on both a one- and two-year basis. According to management, comps fell 20.2% and 1.4% in October and November but increased 14.7% in December a...Chipotle Mexican Grill together with its subsidiaries operates Chipotle Mexican Grill restaurants, which feature a menu of burritos, burrito bowls (a burrito without the tortilla), tacos, and salads. The company operates Chipotle restaurants throughout the United States, international Chipotle restaurants, and non-Chipotle restaurants. The company uses various herbs, spices and seasonings to prepare its meats and vegetables. The company also serves tortilla chips that seasoned with lime juice and salt, with sides of hand mashed guacamole, salsas, or queso. In addition to sodas, fruit and tea drinks, and organic milk, most of the company's restaurants also provide a selection of beer and margaritas.
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