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Dec 31, 2020
Chipotle Q4 2020 Earnings Report
Chipotle's Q4 2020 results demonstrated resilience with digital sales growth and comparable restaurant sales increase.
Key Takeaways
Chipotle reported an 11.6% increase in total revenue to $1.6 billion, driven by a 5.7% increase in comparable restaurant sales and new restaurant openings. Digital sales grew by 177.2%, accounting for 49.0% of total sales. Diluted earnings per share was $6.69, and adjusted diluted earnings per share was $3.48.
Total revenue increased by 11.6% to $1.6 billion.
Comparable restaurant sales increased by 5.7%.
Digital sales grew by 177.2% and accounted for 49.0% of sales.
Opened 61 new restaurants, including two relocations, and closed one.
Forward Guidance
Chipotle is not providing fiscal 2021 comparable restaurant sales growth guidance due to on-going uncertainty surrounding the future impact of COVID-19. They anticipate around 200 new restaurant openings and an estimated effective full year tax rate between 25% and 27%.
Positive Outlook
- Expect first quarter 2021 comparable restaurant sales to be in the mid to high teens range
- Around 200 new restaurant openings are anticipated
- Assumes minimal construction and permit delays related to COVID-19
- Estimated effective full year tax rate between 25% and 27%
- January comparable restaurant sales growing around 11%
Challenges Ahead
- On-going uncertainty surrounding the future impact of COVID-19 on the broader US economy
- Uncertainty surrounding any specific impact to our company
- Not providing fiscal 2021 comparable restaurant sales growth guidance
Historical Earnings Impact
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Avg. Return Before/After Earnings
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