Chipotle Mexican Grill, Inc. operates a chain of restaurants that primarily serve a menu of burritos, burrito bowls, quesadillas, tacos, and salads, all made using fresh, high-quality ingredients without artificial colors, flavors, or preservatives **[0001562762-24-000023_cmg-20231231x10k.htm:6]**. As of December 31, 2023, Chipotle owned and operated 3,371 restaurants in the United States and 66 international locations **[0001562762-24-000023_cmg-20231231x10k.htm:41]**. The company's revenue is derived from sales at these restaurants, with digital sales accounting for a significant portion; in 2023, 37.4% of food and beverage revenue came from digital orders, including third-party delivery and customer pickup **[0001562762-24-000023_cmg-20231231x10k.htm:16]**. Chipotle's total revenue for 2023 was $9.9 billion, a 14.3% increase from the previous year, with comparable restaurant sales increasing by 7.9% **[0001562762-24-000023_cmg-20231231x10k.htm:41]**. The company also emphasizes its commitment to sustainability and ethical sourcing, aligning with its mission to "Cultivate a Better World" **[0001562762-24-000023_cmg-20231231x10k.htm:6]**.

1. **Restaurant Sales** - Operates a chain of restaurants offering a menu of burritos, burrito bowls, quesadillas, tacos, and salads.
2. **Digital Sales** - Provides digital ordering options, including third-party delivery and customer pickup, contributing significantly to overall sales.

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47b0268b1a2729d4949380db89c944f38e43a43ffc460482c17507ff5d36c078

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

92635028763c4d7de31345e703cd50ad48c12f7fa9e5ec0d9a4266c6160cf977

Cultivate Next Fund Size ($ million)

Chipotle Rewards Liability, Beginning Balance ($ thousand)

Revenue Deferred from Chipotle Rewards ($ thousand)

Revenue Recognized from Chipotle Rewards ($ thousand)

Chipotle Rewards Liability, Ending Balance ($ thousand)

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| Metric | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|--------|---------|---------|---------|---------|---------|---------|---------|---------|
| Cultivate Next Fund Size ($ million) | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** | **50.0** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** |
| Chipotle Rewards Liability, Beginning Balance ($ thousand) | **25,572** **[0001058090-23-000010_cmg-20221231x10k.htm:65]** | **38,057** **[0001058090-23-000020_cmg-20230331x10q.htm:7]** | **39,214** **[0001058090-23-000030_cmg-20230630x10q.htm:8]** | **40,923** **[0001058090-23-000041_cmg-20230930x10q.htm:8]** | **38,057** **[0001562762-24-000023_cmg-20231231x10k.htm:66]** | **44,750** **[0001058090-24-000015_cmg-20240331.htm:6]** | **47,324** **[0001058090-24-000032_cmg-20240630.htm:8]** | **49,183** **[0001058090-24-000050_cmg-20240930.htm:8]** |
| Revenue Deferred from Chipotle Rewards ($ thousand) | N/A | **31,057** **[0001058090-23-000020_cmg-20230331x10q.htm:7]** | **31,668** **[0001058090-23-000030_cmg-20230630x10q.htm:8]** | **32,947** **[0001058090-23-000041_cmg-20230930x10q.htm:8]** | N/A | **39,005** **[0001058090-24-000015_cmg-20240331.htm:6]** | **41,227** **[0001058090-24-000032_cmg-20240630.htm:8]** | **39,792** **[0001058090-24-000050_cmg-20240930.htm:8]** |
| Revenue Recognized from Chipotle Rewards ($ thousand) | **108,900** **[0001058090-23-000010_cmg-20221231x10k.htm:37]** **[0001058090-23-000010_cmg-20221231x10k.htm:65]** | **29,900** **[0001058090-23-000020_cmg-20230331x10q.htm:7]** | **29,959** **[0001058090-23-000030_cmg-20230630x10q.htm:8]** | **32,794** **[0001058090-23-000041_cmg-20230930x10q.htm:8]** | N/A | **36,431** **[0001058090-24-000015_cmg-20240331.htm:6]** | **39,368** **[0001058090-24-000032_cmg-20240630.htm:8]** | **39,500** **[0001058090-24-000050_cmg-20240930.htm:8]** |
| Chipotle Rewards Liability, Ending Balance ($ thousand) | **38,057** **[0001058090-23-000010_cmg-20221231x10k.htm:65]** | **39,214** **[0001058090-23-000020_cmg-20230331x10q.htm:7]** | **40,923** **[0001058090-23-000030_cmg-20230630x10q.htm:8]** | **41,076** **[0001058090-23-000041_cmg-20230930x10q.htm:8]** | **44,750** **[0001562762-24-000023_cmg-20231231x10k.htm:66]** | **47,324** **[0001058090-24-000015_cmg-20240331.htm:6]** | **49,183** **[0001058090-24-000032_cmg-20240630.htm:8]** | **49,475** **[0001058090-24-000050_cmg-20240930.htm:8]** |

56bcf50b02382041d84892c51d48fead12ba588af2b0b4ac92c80cf6d68b33d4

1. Despite efforts to improve throughput, you've mentioned that only 60% of restaurants have the expo position properly deployed during peak times due to challenges like crew members handling prep work instead; what specific strategies are you implementing to ensure consistent execution of the four pillars of throughput across all locations, and how will you address the issue of prep tasks interfering with peak-time operations?

2. With investments in technology like the dual-sided plancha and the produce slicer aimed at improving efficiency and employee experience, how do you anticipate these innovations will impact restaurant-level margins in the near term, and can you provide a timeline for when you expect to see a meaningful return on these investments?

3. Given your success in Canada and the appointment of Anat Davidzon to lead Western Europe, what are the key obstacles preventing you from accelerating unit growth in Europe now, and how soon do you expect to begin significant expansion in that market to capitalize on the potential of opening hundreds or even thousands of restaurants?

4. While you have expressed confidence in new restaurant performance, noting year two ROI is holding steady, recent data suggests new unit productivity is in the low 80% range; what factors are contributing to this level of productivity, and what actions are you taking to enhance new unit performance and drive higher returns on your restaurant expansions?

5. You indicated that after the FAST Act price increase, there was a noticeable weakness in sales in California, mirroring broader industry trends in response to inflation; how are you planning to mitigate the impact of such regulatory-driven cost increases on consumer demand, and what adjustments might you make to your pricing or value proposition to sustain traffic and sales growth in affected regions?

af488d7ea97d2835f27ba15e2d118a05ff07c1e162d0afbaecbad8b55bd71fb5

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

d802bdbf5c86516b5dfecdc44a3782aafb49760ff50c52c0496645e8de3c6cbb

f3ffcd06a677b0bf51a797d9b654092c19843f05d1b3b662f24d908e5cdf0396

Food and Beverage

Delivery Service

Total Revenue

570be404ef883055aecea8d391e1b2196f36de406978c50cc2c3165dadf902c3

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024 and FY 2024
- **Guidance**:
  1. **Restaurant Openings**: 315 to 345 new restaurants in 2025, aiming for a net growth rate closer to 10%  **[CMG_3404414_12]** .
  2. **Comparable Sales**: Mid- to high single-digit range for the full year  **[CMG_3404414_9]** .
  3. **Transaction Comps**: Modest acceleration from Q3 into Q4  **[CMG_3404414_9]** .
  4. **Cost of Sales**: Just above 31% in Q4  **[CMG_3404414_9]** .
  5. **Labor Costs**: Low 25% range in Q4  **[CMG_3404414_9]** .
  6. **Other Operating Costs**: Low 14% range in Q4  **[CMG_3404414_9]** .
  7. **Marketing Costs**: Low 3% range of sales in Q4  **[CMG_3404414_9]** .
  8. **G&A Expenses**: Around $163 million in Q4  **[CMG_3404414_10]** .
  9. **Depreciation**: Slight increase in Q4  **[CMG_3404414_10]** .
  10. **Effective Tax Rate**: 24% to 26% for fiscal 2024  **[CMG_3404414_10]** .
  11. **Inflation**: Low single-digit inflation for food and wages into next year  **[CMG_3404414_19]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: Q3 2024 and FY 2024
- **Guidance**:
  1. **Sales and Comps**: Mid- to high single digits for the full year; around 6% for Q3  **[CMG_3394139_8]** **[CMG_3394139_21]** .
  2. **Margins**: Restaurant-level margin around 25% in Q3  **[CMG_3394139_9]** .
  3. **Cost of Sales**: Just below 31% in Q3  **[CMG_3394139_8]** .
  4. **Labor Costs**: Low 25% range in Q3  **[CMG_3394139_8]** .
  5. **Marketing Costs**: Low 2% range in Q3; high 2% range for the full year  **[CMG_3394139_9]** .
  6. **Other Operating Costs**: High 13% range in Q3  **[CMG_3394139_9]** .
  7. **G&A Expenses**: Around $175 million in Q3  **[CMG_3394139_9]** .
  8. **Depreciation**: Slight increase each quarter  **[CMG_3394139_9]** .
  9. **Tax Rate**: 25% to 27% for fiscal 2024  **[CMG_3394139_9]** .
  10. **New Restaurant Openings**: 285 to 315 in 2024  **[CMG_3394139_9]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Comp Sales Growth**: Mid- to high single-digit range for the full year  **[CMG_3380469_6]** .
  2. **Second Quarter Comps**: Highest of the year, with an Easter shift benefit  **[CMG_3380469_6]** .
  3. **Cost of Sales**: Mid-29% range in Q2; mid-single-digit inflation for the year  **[CMG_3380469_6]** .
  4. **Labor Costs**: Mid-24% range in Q2; 6% wage inflation due to California's minimum wage increase  **[CMG_3380469_6]** .
  5. **Marketing Costs**: Low 2% range in Q2; just below 3% for the full year  **[CMG_3380469_6]** .
  6. **Other Operating Costs**: Low 13% range in Q2  **[CMG_3380469_6]** .
  7. **G&A Expenses**: Around $129 million in Q2, increasing each quarter  **[CMG_3380469_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Comparable Sales**: Mid-single digit range for FY 2024  **[CMG_3372013_5]** .
  2. **Cost of Sales Inflation**: Low to mid-single-digit range for FY 2024  **[CMG_3372013_5]** .
  3. **Labor Costs**: Low 25% range in Q1 2024; wage inflation in low to mid-single-digit range, increasing to mid-single-digit range in April 2024  **[CMG_3372013_5]** .
  4. **Marketing Costs**: Low 3% range in Q1 2024; around 3% for the full year  **[CMG_3372013_5]** .
  5. **G&A Expenses**: $127 million in Q1 2024; total G&A around $187 million  **[CMG_3372013_5]** .
  6. **New Restaurant Openings**: 285 to 315 in 2024, with over 80% having a Chipotlane  **[CMG_3372013_6]** .
  7. **Effective Tax Rate**: 25% to 27% for 2024  **[CMG_3372013_6]** .

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| Name                | Position                                      | Start Date          | Short Bio                                                                                                                                                                                                 |
|---------------------|-----------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Brian Niccol        | Chairman and Chief Executive Officer          | March 2018          | Brian Niccol has served as CEO and a director since March 2018 and became Chairman in March 2020. Previously, he was CEO of Taco Bell and held various executive roles at Pizza Hut and Procter & Gamble  **[0001140361-24-021181_ny20015905x2_def14a.htm:21]** **[0001140361-24-018498_ny20015905x1_pre14a.htm:21]** .                                |
| Scott Boatwright    | Chief Executive Officer and Member of the Board| November 11, 2024   | Scott Boatwright was appointed CEO and a board member on November 11, 2024. He joined Chipotle in May 2017 as Chief Restaurant Officer and later served as COO  **[0001058090-24-000053_cmg-20241111xex991.htm:0]** **[0001058090-24-000053_cmg-20241111.htm:1]** .                                                                            |
| Chris Brandt        | Chief Brand Officer                            | April 2018          | Chris Brandt joined Chipotle as Chief Brand Officer in April 2018. He previously held executive roles at Bloomin’ Brands and Taco Bell  **[0001140361-24-018498_ny20015905x1_pre14a.htm:73]** **[0001140361-24-021181_ny20015905x2_def14a.htm:73]** .                                                                                                   |
| Curt Garner         | Chief Customer and Technology Officer         | November 2015       | Curt Garner joined Chipotle as Chief Information Officer in November 2015 and has been instrumental in developing the company's digital platform. He previously worked at Starbucks for 17 years  **[0001140361-24-018498_ny20015905x1_pre14a.htm:73]** **[0001140361-24-021181_ny20015905x2_def14a.htm:73]** .                                        |
| John R. (Jack) Hartung | President of Strategy, Finance & Supply Chain | 2002                | Jack Hartung has been with Chipotle since 2002, initially as CFO. He recently transitioned to President of Strategy, Finance & Supply Chain. He previously worked at McDonald's for 18 years  **[0001058090-24-000035_cmg-20240812.htm:1]** **[0001140361-24-018498_ny20015905x1_pre14a.htm:73]** .                                           |
| Ilene Eskenazi      | Chief Human Resources Officer                  | November 2023       | Ilene Eskenazi joined Chipotle in November 2023 as Chief Human Resources Officer. She previously held senior HR and legal roles at Petco, Boardriders, and other companies  **[0001140361-24-021181_ny20015905x2_def14a.htm:74]** **[0001140361-24-018498_ny20015905x1_pre14a.htm:74]** .                                                              |
| Laurie Schalow      | Chief Corporate Affairs and Food Safety Officer| August 2017         | Laurie Schalow joined Chipotle in August 2017. She was previously VP of Public Affairs at Yum! Brands, overseeing CSR, PR, and crisis management  **[0001140361-24-021181_ny20015905x2_def14a.htm:74]** **[0001140361-24-018498_ny20015905x1_pre14a.htm:74]** .                                                                                        |
| Roger Theodoredis   | Chief Legal Officer and General Counsel        | October 2018        | Roger Theodoredis has been Chief Legal Officer and General Counsel since October 2018. He previously held legal roles at Danone North America and The WhiteWave Foods Company  **[0001140361-24-018498_ny20015905x1_pre14a.htm:74]** **[0001140361-24-021181_ny20015905x2_def14a.htm:74]** **[0001193125-23-095757_d405643ddef14a.htm:57]** .                                                       |
| Adam Rymer          | Chief Financial Officer                        | October 1, 2024     | Adam Rymer became CFO on October 1, 2024. He has been with Chipotle for 15 years, previously serving as VP of Finance  **[0001127602-24-025329_xslF345X02/form3.xml:0]** **[0001058090-24-000039_cmg-20240828xex991.htm:0]** .                                                                                                                  |
| Jamie McConnell     | Chief Accounting and Administrative Officer    | October 1, 2024     | Jamie McConnell has been with Chipotle since 2018 and became Chief Accounting and Administrative Officer on October 1, 2024. She was previously VP, Controller  **[CMG_3394139_7]** **[0001058090-24-000039_cmg-20240828xex991.htm:0]** .                                                                        |

70f7157043fdddffaa24b83e59d3eccc85a3502dc207a07025c150526782b416

| Program Details           | Program 1       | Program 2       |
|---------------------------|-----------------|-----------------|
| Approval Date             | August 21, 2024  **[0001058090-24-000050_cmg-20240930.htm:11]**  | September 19, 2024  **[0001058090-24-000050_cmg-20240930.htm:11]**  |
| End Date/Duration         | No expiration date  **[0001058090-24-000050_cmg-20240930.htm:31]**  | No expiration date  **[0001058090-24-000050_cmg-20240930.htm:31]**  |
| Total additional amount   | **$400 million**  **[0001058090-24-000050_cmg-20240930.htm:11]**  | **$500 million**  **[0001058090-24-000050_cmg-20240930.htm:11]**  |
| Remaining authorization amount | **$559.6 million**  **[0001058090-24-000050_cmg-20240930.htm:11]**  | **$500 million**  **[0001058090-24-000050_cmg-20240930.htm:11]**  |
| Details                   | Authorization ends when maximum shares are repurchased or discontinued  **[0001058090-24-000050_cmg-20240930.htm:31]**  | Authorization ends when maximum shares are repurchased or discontinued  **[0001058090-24-000050_cmg-20240930.htm:31]**  |

e1d077381278c798187cd896b0e1a0f91b59b7cd2cb09151ed73df0c0d666c5e

**Quarterly guidance for Q4 2024:**
- **Transaction Comps**: modest acceleration from Q3 into Q4  **[CMG_3404414_9]**  (no prior guidance)  
- **Cost of Sales**: just above 31%  **[CMG_3404414_9]**  (no prior guidance)  
- **Labor Costs**: low 25% range  **[CMG_3404414_9]**  (no prior guidance)  
- **Other Operating Costs**: low 14% range  **[CMG_3404414_9]**  (no prior guidance)  
- **Marketing Costs**: low 3% range of sales  **[CMG_3404414_9]**  (no prior guidance)  
- **G&A Expenses**: around $163 million  **[CMG_3404414_10]**  (no prior guidance)  
- **Depreciation**: slight increase  **[CMG_3404414_10]**  (no prior guidance)

**Annual guidance for FY 2024:**
- **Comparable Sales**: mid- to high single-digit range  **[CMG_3404414_9]**  (no change from prior guidance of mid- to high single digits  **[CMG_3394139_8]** **[CMG_3394139_21]** )  
- **Effective Tax Rate**: 24% to 26%  **[CMG_3404414_10]**  (lowered from 25% to 27%  **[CMG_3394139_9]** )

**Annual guidance for 2025:**
- **Restaurant Openings**: 315 to 345 new restaurants  **[CMG_3404414_12]**  (no prior guidance)  
- **Inflation**: low single-digit inflation for food and wages  **[CMG_3404414_19]**  (no prior guidance)

d48edcffba27a0d89895826b7201e8de09ac4b087bca55d74c756c42bcd1a365

- **Strong Transaction Growth Driven by Operational Excellence**
- **Robust Unit Expansion with Potential Upside**
- **Margin Expansion Anticipated with Higher AUVs**

f6a0cc05e47f3e71a1260a510d321fcecc20d2e4f3f86875bdc3662b19f8dfc6

| Name               | Start Date  | End Date | Reason for Change |
|--------------------|-------------|----------|-------------------|
| Ernst & Young LLP | February 7, 2024  **[0001562762-24-000023_cmg-20231231xex23_1.htm:0] [0001562762-24-000023_cmg-20231231x10k.htm:52]**  | Present  | Current auditor    |

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- Total Revenue: $2,793.6 million (+13% YoY)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- Food and Beverage: $2,778.0 million (+13% YoY)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:18]**   
- Cost of Goods Sold: $855.5 million (+17% YoY)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- SG&A: $126.6 million (-21% YoY)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- Operating Income: $473.3 million (**+20% YoY**)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- Net Income: $387.4 million (**+24% YoY**)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- Basic EPS: $0.29 (-98% YoY)  **[0001058090-24-000050_cmg-20240930.htm:3]** **[0001058090-23-000041_cmg-20230930x10q.htm:3]**   
- Share Repurchases: 490,237 (+452% YoY)  **[0001058090-24-000050_cmg-20240930.htm:5]** **[0001058090-23-000041_cmg-20230930x10q.htm:5]**   

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0db531ac36f4f4518876d143d0b42d6d59bb647794e9763021da4a8e27e3d491

- Chipotle expects **unit growth** in the **9% to 9.5% range this year**, with a strong pipeline for 2025 and confidence in growing the business in the **8% to 10% range**, continuing to drive **best-in-class return on investment**.  **[CMG_3414247_19]**
- The company's **international expansion** is progressing well, particularly with the partnership with **Alshaya**, which is going **really, really well**. They have opened **3 restaurants** (2 in Kuwait and 1 in Dubai), with plans to **expand aggressively in 2025**, and are considering other regions like **Southeast Asia or Latin America**.  **[CMG_3414247_26]**
- **Chipotlanes** continue to be successful, generating **higher sales and margins**. Chipotle is looking to **retrofit existing stores** where possible because they know there's a **return on investment**.  **[CMG_3414247_18]**

b6ecc10fd605fea41e3d8b48114c7769b492e154774c9c6bd278b6aab6774688

- Chipotle is expecting **flat comparable sales in Q1 2025** due to tough comparisons, weather impacts, and calendar shifts, and has guided to a **low to mid-single-digit comp** for the full year, indicating a potential slowdown in growth momentum.  **[CMG_3414247_5]** **[CMG_3414247_8]**
- Increased **cost pressures from commodity inflation**, higher usage to ensure generous portions, and inflation in avocados and dairy have led to **declining restaurant-level margins**, which are expected to face pressure in the first half of 2025, potentially impacting profitability.  **[CMG_3414247_5]** **[CMG_3414247_23]**
- Potential **additional costs from new tariffs** on items imported from Mexico, Canada, and China could have an ongoing impact of about **60 basis points** on cost of sales if fully implemented, posing risks to margins if not offset.  **[CMG_3414247_5]** **[CMG_3414247_7]**

1b75299368acb7640ec5130c8dbc7a3086262fe15618159c1739adc4ff3a2648

1. **Comps Guidance and Trajectory**  
   **Q:** How will comps trend throughout the year?  
   **A:** Management expects **low to mid-single-digit** comps for the full year. They anticipate flat transaction comps in Q1 due to tough comparisons from last year's promotions and external factors, but expect improvement in Q3 and Q4 to achieve their guidance.  **[CMG_3414247_8]** 

2. **Pricing Strategy**  
   **Q:** Will you take additional pricing this year?  
   **A:** They plan to maintain pricing at around **2%** for 2025, aligning with current inflation levels. Additional price increases are not planned but could be considered if permanent inflation arises.  **[CMG_3414247_7]** **[CMG_3414247_13]** 

3. **Margin Outlook**  
   **Q:** What is your outlook on restaurant-level margins?  
   **A:** They aim to drive positive transactions to improve margins. Temporary margin pressure is expected in the first half due to portion investments, with offsets planned in the second half from efficiency gains and supply chain improvements.  **[CMG_3414247_23]** 

4. **Unit Growth Plans**  
   **Q:** What might prevent you from reaching higher unit growth in fiscal '25?  
   **A:** Challenges like permitting could limit growth, but they expect to achieve **9% to 9.5%** growth this year and are confident in growing the business in the **8% to 10%** range long-term, with a strong pipeline for 2025 and beyond.  **[CMG_3414247_19]** 

5. **Labor Market Conditions**  
   **Q:** How is the current labor market affecting you?  
   **A:** They are experiencing all-time high staffing levels and record-low retention rates, attributed to best-in-class wages, benefits, and a strong culture. No significant labor market changes are impacting operations.  **[CMG_3414247_14]** 

6. **Sales Drivers Beyond LTOs**  
   **Q:** What initiatives will drive sales besides LTOs?  
   **A:** They focus on improving operations, marketing, and digital strategy. Efforts include enhancing guest experience, increasing throughput with back-of-house modernization, and leveraging digital tools like AI assistants for customer engagement.  **[CMG_3414247_10]** 

7. **International Expansion**  
   **Q:** How are international markets performing?  
   **A:** Restaurant-level margins have improved significantly in the UK, prompting plans to develop sites in Western Europe. Management is confident in expanding to hundreds of restaurants in the region and potentially thousands in adjacent markets.  **[CMG_3414247_17]** 

8. **Supply Chain and Costs**  
   **Q:** How are supply chain factors like avocado prices affecting you?  
   **A:** Cost of sales improved as avocado price increases were less than expected. They diversified sourcing, now obtaining only **50%** of avocados from Mexico, which mitigates tariff impacts estimated at about **6 basis points** if sustained.  **[CMG_3414247_7]** 

9. **Marketing Spend**  
   **Q:** Why is marketing spend as a percentage of sales lower?  
   **A:** Marketing spend is in the mid-**2%** range, slightly lower than historically, but total dollars spent have increased by **8% to 8.5%** year-over-year. They seek leverage without passing all cost increases to marketing expenses.  **[CMG_3414247_20]** 

10. **Throughput and Efficiency Improvements**  
    **Q:** What are you doing to improve throughput?  
    **A:** Investments in back-of-house innovations and equipment aim to enhance efficiency, particularly in morning prep cycles. This will enable better staffing during peak times and create a step change in throughput improvement.  **[CMG_3414247_16]** **[CMG_3414247_22]** 

04b564a4b2f6c3c052f43a3abbbe25eb10090ae2f26cc6159e067ecd6e092196

**Quarterly guidance for Q1 2025:**  
- **Labor costs**: high 24%  **[CMG_3414247_6]**  (lowered from low 25%  **[CMG_3404414_9]** )  
- **Cost of sales**: high 29%  **[CMG_3414247_5]**  (lowered from just above 31%  **[CMG_3404414_9]** )  
- **Marketing costs**: below 3%  **[CMG_3414247_6]**  (lowered from low 3% range  **[CMG_3404414_9]** )  
- **Other operating costs**: low 14%  **[CMG_3414247_6]**  (no change from low 14%  **[CMG_3404414_9]** )  
- **G&A**: $179 million  **[CMG_3414247_6]**  (raised from $163 million  **[CMG_3404414_10]** )  
- **Depreciation**: 3% of sales  **[CMG_3414247_6]**  (no prior guidance)

**Annual guidance for FY 2025:**  
- **Same-store sales (comps)**: low to mid single-digit  **[CMG_3414247_5]** **[CMG_3414247_1]**  (lowered from mid- to high single-digit  **[CMG_3404414_9]** )  
- **Effective tax rate**: 25% to 27%  **[CMG_3414247_6]**  (raised from 24% to 26%  **[CMG_3404414_10]** )  
- **Marketing costs**: mid-2% range  **[CMG_3414247_6]**  (no prior guidance)  
- **Incremental margins**: high 30% to low 40%  **[CMG_3414247_25]**  (no prior guidance)  
- **Depreciation**: 3% of sales  **[CMG_3414247_6]**  (no prior guidance)

929731555d1db58b71cd242f69512c1d28334fe7653efee88a56a19ff1afccda

da8d76ed4769ebd195855c55d612cd450f384d36a219154de57b26b63f9df2ce

c3bb8edf643624ba176a9b1bf4dfdc6a6c623a63702d7d1c904151a99f4c9887

- **Comparable sales growth decelerated to around 6% in June and July**, down from higher levels earlier, indicating potential slowing demand.  **[CMG_3394139_11]**
- **Margins are expected to decline to approximately 25% in Q3**, from 28.9% in Q2, due to higher ingredient costs and investments in portion sizes.  **[CMG_3394139_21]** **[CMG_3394139_13]**
- **Group size decreased by about 2%**, leading to a negative mix impact of 1%, potentially indicating shifts in customer behavior.  **[CMG_3394139_12]**

0cdc4cad0275571574f963e0470b8498c77e3c1880a579620e2d9999a4660b97

- **Chipotle's labor costs are increasing in California due to a rise in the minimum wage to $20 per hour, leading to a 6% to 7% menu price increase in California restaurants to cover the costs.** The impact on consumer behavior is uncertain, and the company acknowledges it's too early to tell if there will be any resistance from customers.  **[CMG_3380469_21]**
- **International expansion into Europe may take longer than anticipated, as there is no clear timeline for growth despite management's optimism.** This could delay expected growth and may impact long-term international expansion goals.  **[CMG_3380469_3]**
- **Negative sales mix due to smaller group sizes is offsetting some of the transaction growth.** While transactions were up almost 5.5% during the quarter, it was partially offset by negative mix mostly due to group size.  **[CMG_3380469_11]**

3413cefb62325d11dcdc9ff901f5e957f1d245a7f51c96ac458be7b47fbee4a9

- **Strong Transaction Growth Across All Income Cohorts**: Chipotle experienced a significant increase in transactions, up almost 5.5% during the quarter, driven by operational improvements and effective marketing strategies. This growth is broad-based across low-income, middle-income, and higher-income consumers, indicating wide consumer appeal and a strong value proposition.  **[CMG_3380469_16]** **[CMG_3380469_14]**
- **Enhanced Customer Experience Through Improved Throughput**: The company's focus on improving throughput is enhancing the customer experience, leading to higher in-store traffic. In-store is the fastest-growing channel, with customers recognizing and appreciating the faster service and better overall dining experience.  **[CMG_3380469_10]**
- **Successful Menu Innovation and International Expansion**: Chipotle's menu innovations, including reintroducing past favorites like Chicken al Pastor and introducing new items, are resonating with customers and contributing to sales growth. Additionally, international expansion efforts, especially in Canada where unit economics are now on par with the U.S., signal significant growth opportunities ahead.  **[CMG_3380469_19]** **[CMG_3380469_17]**

ad4c0ed8d836d394bf6d9e8ce75add28dba7922d13415581c3473eca9762dc21

1. **Margin Outlook**  
   **Q:** What margins can you expect at $4 million AUVs?  
   **A:** John Hartung expects margins to expand as average unit volumes (AUVs) grow to $4 million, reaching the **high 20% to possibly 30%** range, driven by about **40% flow-through** on increased sales.  **[CMG_3372013_8]** 

2. **Unit Growth Potential**  
   **Q:** Is there upside to the 7,000 restaurant target?  
   **A:** Brian Niccol believes the goal of **7,000 North American restaurants** is practical and possibly conservative, as successful expansion in high-penetration areas suggests potential for even more growth. He hopes the target proves to be conservative.  **[CMG_3372013_9]** 

3. **Reaching 10% Unit Growth**  
   **Q:** How will you achieve 10% unit growth next year?  
   **A:** John Hartung states they have strong visibility and robust inventory to approach **10% unit growth** next year, despite extended timelines. Improved developer activity and permitting could help reach this growth rate sooner.  **[CMG_3372013_9]** 

4. **Throughput Driving Traffic Growth**  
   **Q:** How does throughput impact 2024 traffic opportunity?  
   **A:** Brian Niccol attributes over **7% transaction growth** in Q4 to better restaurant execution and throughput. By focusing on the four pillars of great throughput and increasing staffing on the front line, he sees significant upside for further transaction growth in 2024.  **[CMG_3372013_11]** 

5. **Impact of California FAST Act on Pricing**  
   **Q:** How will California's FAST Act affect pricing?  
   **A:** John Hartung anticipates an additional **80 to over 100 basis points** of menu price increases across all restaurants due to the FAST Act's impact on California wages, affecting about **15%** of their locations. They are considering options to cover profitability or protect margins.  **[CMG_3372013_14]** 

6. **Chipotlane Impact on Margins**  
   **Q:** How do Chipotlanes affect overall company margins?  
   **A:** John Hartung explains that Chipotlanes have margins **hundreds of basis points higher** than non-Chipotlanes, with slightly higher volumes and similar investment costs, leading to much higher returns and an accretive impact on overall margins as more Chipotlanes are opened.  **[CMG_3372013_24]** 

7. **Automation and Prep Efficiencies**  
   **Q:** What opportunities exist to improve prep efficiency?  
   **A:** Brian Niccol sees significant potential in automation like **Autocado** and robotics to enhance morning prep, which is critical for lunch success. Efficient prep can lead to better throughput and overall operational performance without centralizing kitchens.  **[CMG_3372013_15]** 

8. **Value Perception Driving Traffic**  
   **Q:** How does strong value perception impact traffic?  
   **A:** Brian Niccol notes that Chipotle's value scores are strong across all income cohorts, as they offer higher-quality food at a modest price increase over lower-value options and are **20–30% less expensive** than similar fast-casual competitors, helping drive traffic even in a soft consumer environment.  **[CMG_3372013_22]** 

9. **Rewards Program Enhancing Frequency**  
   **Q:** How does the rewards program affect customer frequency?  
   **A:** Brian Niccol states that customers in the **nearly 40 million**-member rewards program show higher frequency and higher check, leading to increased engagement and repeat business compared to pre-pandemic levels.  **[CMG_3372013_26]** 

10. **LTOs Attracting New Customers**  
    **Q:** Do LTOs drive new customer acquisition?  
    **A:** Brian Niccol confirms that limited-time offers (LTOs), like **carne asada**, effectively attract new customers. They focus on LTOs that perform well in bringing in new patrons, contributing to customer growth.  **[CMG_3372013_27]** 

7f179ce82698c66f28d3d6d44b98275ff3314b78c592d2eb8c9c24b7c5ab8e67

1. **Sales Trends and Guidance**  
   **Q:** Why did comps slow to 6% in June and July?  
   **A:** Comps moderated to about **6%** in June, continuing into July, due to seasonal behavior shifts like extended holidays and potential macro factors. Despite this, brand metrics remain strong with positive customer feedback on value and culinary experience.  **[CMG_3394139_11]** **[CMG_3394139_18]** 

2. **Margin Outlook and Cost Pressures**  
   **Q:** What are the factors impacting margins in coming quarters?  
   **A:** Margins face pressure from inflation in avocados and dairy, expected to normalize by early next year, and investments in **generous portions** to uphold brand equity. Additionally, the temporary mix shift from Chicken al Pastor affects margins but will reverse with future LTOs.  **[CMG_3394139_13]** 

3. **Pricing Strategy**  
   **Q:** Do you plan further price increases this year or next?  
   **A:** Currently, there are **no plans** for further pricing this year. The **3%** price increase from last year rolls off in October. Future pricing will depend on inflation and consumer trends, aiming to avoid increases unless the economy is robust with accelerating transactions.  **[CMG_3394139_12]** **[CMG_3394139_18]** **[CMG_3394139_19]** 

4. **Operational Improvements**  
   **Q:** How are throughput and staffing improvements progressing?  
   **A:** Over **50%** of units have an expeditor during peak hours, aiming to increase this to over **70%**. Staffing levels are strong with low turnover, and teams are focused on great throughput and culinary execution to enhance performance.  **[CMG_3394139_14]** **[CMG_3394139_24]** 

5. **Automation Initiatives**  
   **Q:** What is the status of the automated digital make line?  
   **A:** The automated make line, named **Python**, will be in a restaurant by late August or early September. It's part of a portfolio of innovations, including prep efficiency tools and AI assistance, aimed at improving consistency and speed over short, medium, and long terms.  **[CMG_3394139_17]** **[CMG_3394139_23]** 

6. **LTO Strategy and Impact**  
   **Q:** How do LTOs impact comp growth each year?  
   **A:** LTOs like Chicken al Pastor boost comps by enhancing customer experience. Strong operational execution amplifies their effectiveness, leading to accelerated comps even on a higher base.  **[CMG_3394139_20]** 

7. **Consumer Demand Trends**  
   **Q:** Are value promotions by competitors affecting your results?  
   **A:** No significant impact observed; Chipotle continues to gain market share with strong brand metrics and a solid value proposition. Focus remains on their own strategy of great culinary and customer experience rather than competing on promotions.  **[CMG_3394139_15]** **[CMG_3394139_26]** 

8. **California Price Increases Impact**  
   **Q:** How have California price hikes affected consumer behavior?  
   **A:** A step-down in spending was observed across California, but it's attributed to a macro impact rather than the price increase. Resistance matched the **100 bps** price hike, indicating broader industry trends.  **[CMG_3394139_21]** 

9. **European Expansion**  
   **Q:** When will unit growth accelerate in Europe?  
   **A:** Significant progress has been made in Europe by applying U.S. tools, improving top-line and bottom-line results. Optimistic about proving these markets as investable for faster expansion, similar to growth in Canada.  **[CMG_3394139_25]** 

10. **Marketing Initiatives**  
    **Q:** How effective are your marketing activation events?  
    **A:** Events like the barbacoa promotion effectively increased incidents and are likely to be revisited. Marketing activations, combined with a strong loyalty program, are powerful tools, especially if consumer spending becomes challenging.  **[CMG_3394139_22]** **[CMG_3394139_27]** 

3b7dd85138cbdfdf761114a752825b59f9d6ead45e483e7581679b087fd8f492

1. **Margin Outlook**  
   **Q:** What's the path to high 20s restaurant margins?  
   **A:** Management is confident in returning to high 20s margins through initiatives like supply chain efficiencies and new equipment technologies.  **[CMG_3404414_14]**  They believe the algorithm still holds at **$4 million** average unit volumes and **30%** margins.  **[CMG_3404414_14]**  Despite an 80 basis point decline in Q3 margins year-over-year due to unique items, they expect underlying margin improvement.  **[CMG_3404414_14]** 

2. **Pricing Strategy**  
   **Q:** Are you planning price increases given inflation pressures?  
   **A:** Currently, there are no immediate plans for a price increase, but they continue to monitor modest inflation in cost of sales and labor.  **[CMG_3404414_11]**  They've already taken price in April to offset a **20%** wage increase in California, and underlying labor inflation remains in the low single-digit range.  **[CMG_3404414_11]** 

3. **Throughput Improvements**  
   **Q:** How are throughput initiatives impacting operations?  
   **A:** The company saw progress with a **1.2 entree** increase in peak 15-minute intervals.  **[CMG_3404414_15]**  They believe technologies and equipment rollouts will further enhance throughput, allowing teams to be more efficient and deployed effectively during peak times.  **[CMG_3404414_15]** **[CMG_3404414_17]** 

4. **New Unit Growth**  
   **Q:** What's the outlook on new restaurant openings and growth?  
   **A:** Chipotle plans to open **315 to 345** new restaurants in 2025, moving closer to a **10%** net restaurant growth rate.  **[CMG_3404414_12]**  They have a robust pipeline and confidence in their development and operations teams to deliver these results.  **[CMG_3404414_12]** 

5. **COGS Margin Deleverage**  
   **Q:** Can you explain the deleverage in the COGS margin line?  
   **A:** The 90 basis point deleverage in COGS was due to a **60 basis point** impact from portion investments and a **50 basis point** impact from avocado comparisons.  **[CMG_3404414_27]**  Additionally, brisket, a premium item, increased cost of sales by **40 to 50 basis points**, but it also drove higher check and transactions.  **[CMG_3404414_27]** 

6. **International Expansion**  
   **Q:** What's the plan for international growth?  
   **A:** The company is pleased with its partnership with Alshaya in the Middle East, with plans for aggressive growth over the next few years.  **[CMG_3404414_28]** **[CMG_3404414_30]**  They are exploring other partnerships for expansion into markets like Latin America and Asia-Pacific.  **[CMG_3404414_28]** **[CMG_3404414_30]** 

7. **Technology and AI Marketing**  
   **Q:** How will AI-enabled marketing impact comps?  
   **A:** Management is exploring AI models to drive efficiency in loyalty programs, offering truly bespoke experiences to customers based on individual usage and history.  **[CMG_3404414_17]**  This personalization could drive incremental value and improve customer engagement.  **[CMG_3404414_17]** 

8. **Equipment and Automation**  
   **Q:** How will new equipment deployments affect margins?  
   **A:** New technologies like dual-sided planchas and produce slicers will drive efficiency and unlock capacity, improving labor models.  **[CMG_3404414_20]**  These initiatives aim to enhance the team member experience and contribute to margin improvement.  **[CMG_3404414_20]** 

9. **Consumer Behavior**  
   **Q:** What trends are seen across different consumer cohorts?  
   **A:** Strength is observed across all income cohorts, including low-income consumers.  **[CMG_3404414_23]**  The company believes it is delivering extraordinary value, with a chicken burrito averaging under **$10**, a **15% to 30%** discount compared to peers.  **[CMG_3404414_23]** 

10. **Investment in Brassica**  
    **Q:** Does the investment in Brassica signal a move to a platform approach?  
    **A:** The minority investment in Brassica through the Chipotle Next Fund is a passive one.  **[CMG_3404414_21]**  While Chipotle may co-invest with concepts that align with its food ethos, it remains focused on its core business and doesn't see this as a distraction.  **[CMG_3404414_21]** 

11. **Hyphen Automation**  
    **Q:** How is the Hyphen automation system performing?  
    **A:** Hyphen is helping unlock demand in the digital channel by increasing output and efficiency.  **[CMG_3404414_29]**  It allows employees to focus on tasks that enhance the guest experience, potentially lifting overall demand and improving accuracy.  **[CMG_3404414_29]** 

12. **Portion Size Investments**  
    **Q:** Are portion size investments yielding returns?  
    **A:** While hard to quantify, management notes positive consumer feedback and improvements in value perception metrics.  **[CMG_3404414_18]**  Positive scores on portioning are up **500 points** over the spring, indicating better customer satisfaction.  **[CMG_3404414_18]** 

73c64749a77fdf2e78904e6bad1e5e4ff150c67a08dfff6bb1a6897d9e7293fb

- **Strong international expansion potential**, with the ability to open **hundreds of restaurants** in current markets and potentially **thousands in Western Europe** over time. Chipotle has seen **25% to 35% growth in Canada**, and is replicating this success in Europe under new leadership.  **[CMG_3404414_31]**
- **Leadership continuity with focus on aggressive expansion**, aiming for **7,000 restaurants in North America** and a push to become a more **iconic global brand**.  **[CMG_3404414_30]**
- **Investment in AI-enabled personalized marketing**, leveraging technology to enhance customer experience and drive incremental value through tailored user engagement.  **[CMG_3404414_17]**

6a21d956865333548802d0974f8cbe7faf1d4a5335666fde4e5b213daa0ac058

1. **Traffic Growth & Throughput**  
   **Q:** Can throughput improvements drive comps like in 2014?  
   **A:** Yes, throughput improvements are significantly boosting transactions, much like in 2014, which was a high-water mark for us.  **[CMG_3380469_9]**  We see years of opportunity ahead, with teams executing better and room for further improvement.  **[CMG_3380469_9]**  Throughput is a key driver of our strategy moving forward.  **[CMG_3380469_9]** 

2. **Transaction Trends**  
   **Q:** How are recent traffic trends and consumer behavior?  
   **A:** Transactions are up almost **5.5%** in the quarter, with strength continuing into April.  **[CMG_3380469_10]**  Gains are broad-based across all income cohorts—low, middle, and high income—due to our great value proposition.  **[CMG_3380469_10]**  Our in-store channel is the fastest-growing, driven by improved throughput and customers returning more often.  **[CMG_3380469_10]** 

3. **Pricing Impact**  
   **Q:** What's the pricing outlook after California price increase?  
   **A:** Pricing in the quarter was around **2.7% to 2.8%**.  **[CMG_3380469_13]**  With the recent California price increase, pricing will be about **3.5%** for Q2 and Q3, adding around 100 basis points.  **[CMG_3380469_13]** 

4. **Menu Innovation Strategy**  
   **Q:** Has menu innovation shifted towards past favorites?  
   **A:** No, we maintain a cadence of one or two new items per year.  **[CMG_3380469_19]**  We plan to mix proven past favorites with new offerings that have gone through our stage-gate process to ensure success.  **[CMG_3380469_19]** 

5. **Operational Initiatives**  
   **Q:** What's the progress on initiatives like Autocado and Hyphen?  
   **A:** We've expanded the dual-sided grill to more high-volume restaurants, improving protein cooking efficiency.  **[CMG_3380469_20]**  Prototypes of Autocado and Hyphen are at our Cultivate Center, and we're optimistic about introducing them into restaurants in the back half of the year.  **[CMG_3380469_20]** 

6. **Rewards Program Engagement**  
   **Q:** How is the Rewards program driving customer engagement?  
   **A:** Using machine learning and AI, we've identified customers who might become less frequent and tailored offers to keep them engaged.  **[CMG_3380469_23]**  This personalization leads to higher spend and frequency.  **[CMG_3380469_23]** 

7. **California Price Increase Impact**  
   **Q:** Any impact from the recent California price increase?  
   **A:** It's too early to tell any change in consumer behavior.  **[CMG_3380469_21]**  Average ticket in California remains similar to the rest of the country, with a chicken burrito now around **$10** after the increase.  **[CMG_3380469_21]**  We believe we still offer great value compared to competitors.  **[CMG_3380469_21]** 

8. **Traditional Drive-Through Feasibility**  
   **Q:** Could automation enable a non-digital drive-through?  
   **A:** We don't envision introducing a traditional drive-through.  **[CMG_3380469_22]**  Our focus is on customization, and the current digital pickup model provides a pleasant experience for both customers and team members.  **[CMG_3380469_22]** 

9. **Real-Time Performance Dashboards**  
   **Q:** Is the new real-time performance dashboard helping teams?  
   **A:** Yes, the new tool rolled out in January gives teams real-time visibility into their performance, which is powerful.  **[CMG_3380469_25]**  Teams are motivated to improve their peak throughput numbers.  **[CMG_3380469_25]**  Top-performing restaurants achieve as high as **80** entrees in 15-minute peaks, while others are in the mid-teens.  **[CMG_3380469_25]** 

0073d92fe50fd3706f79e899affb9d0bf961189c63d3f4335a7c11b0b41c1152

- **Chipotle reported that brand metrics have "never been stronger," with positive customer feedback on value, food quality, and speed of service**, reflecting robust customer loyalty and operational excellence.  **[CMG_3394139_11]** **[CMG_3394139_16]**
- **The company expects to accelerate new restaurant openings, potentially reaching a 10% unit growth rate next year**, supported by a robust pipeline and improvements in opening timelines.  **[CMG_3394139_12]**
- **International expansion, particularly in Europe, is showing promising progress with improvements in both top-line and bottom-line performance**, suggesting these markets may become significant growth drivers similar to Canada.  **[CMG_3394139_26]**

b48dbe93a2cf6eab1754cf173af831bd854fa35f83e2686e3f30c8d14b5542b7

- The unexpected departure of Chipotle's CEO was not anticipated, and while management emphasizes a seamless transition, such sudden changes in leadership can lead to uncertainty in strategic execution and may impact the company's performance.  **[CMG_3404414_7]**
- Rising costs due to inflation, particularly in labor and food expenses, are pressuring Chipotle's margins. Management stated that they may not fully offset these increased costs until the second half of 2025, potentially affecting profitability in the near term.  **[CMG_3404414_9]** **[CMG_3404414_11]**
- New unit performance appears to be lower than in past quarters, as noted by an analyst, which could indicate slowing growth or operational challenges in new restaurants. While management expressed continued excitement about new units, there was no specific explanation for the perceived decline.  **[CMG_3404414_13]**

5d0c4a2d1a21dc7fe27748ef7bc947469f2ed747e8847867dff2390049b00116

- New restaurant development is facing delays due to macro pressures, **high interest rates**, and permitting challenges, which could hinder Chipotle's expansion plans.  **[CMG_3372013_10]**
- **Wage inflation**, especially the upcoming **20% wage increase in California in April**, along with higher taxes, may pressure labor margins in 2024.  **[CMG_3372013_23]**
- Declining group size orders are negatively impacting average check growth, and the mix component is **hard to predict**, which may affect future sales growth.  **[CMG_3372013_9]**

7f09bd9761d1d227e7ad83066f4b9cf265678a0191176e9a6544bf78cf273492

Chipotle Mexican Grill Inc (CMG)

Financials