In a February 8th release, Chipotle Mexican Grill (CMG) posted financial results for the 4th quarter and fiscal 2021. Along with QSR and casual dining competitors, all are subject to the risks of, climatic extremes and increased cost of food, packaging and labor in a competitive environment still restrained by COVID. Chipotle was able to raise prices by an average of 10 percent through 2021 to offset inflation.
For the 4th Quarter of FY 2021 ending December 31st, net income was $133.4 million on total revenue of $1,961 million. Comparable figures for the 4th quarter of fiscal 2020 ending December 31st 2020 were net income of $191.0 million on total revenue of $1,608 million. Diluted EPS rose from $4.69 for the 4th quarter of fiscal 2020 to $6.69 for the most recent quarter. For the quarter Comparable sales increased by 15.2 percent with an increase in digital orders of 3.8 percent accounting for 41.6 percent of sales.
For FY 2021 net earnings were $653.0 million on revenue of $7,547 million compared to net earnings of $355.8 on revenue of $5,984 million for FY 2020. Diluted EPS for FY 2021 attained $22.90 compared to $12.52 million for FY 2020. For FY 2021 Comparable sales increased by 19.3 percent with an increase in digital orders of 24.7 percent accounting for 45.6 percent of sales.
In commenting on results, Brian Niccol, Chairman and CEO said, “2021 was an outstanding year for Chipotle, highlighting the strength and resiliency of our brand. Together, we accomplished many incredible things as our passionate employees remained dedicated to delivering excellent guest experiences, aligned with our purpose and values," He added, "Moving forward, we believe expanding access and convenience through our digital ecosystem, accelerating unit growth, and continuing to develop and support our restaurant employees, will put us in a much stronger competitive position."
The reported projected a potential for 7,000 Chipotle locations in the U.S. The Company opened 250 new stores in 2021.
On December 31st 2021, CMG posted assets of $6,653 million, against lease obligations of $3,301 million. The Company had an intraday market capitalization of $40,720 million on February 9th. CMG trades with a forward P/E of 43.3 and has ranged over a 52-week period from $1,256 to $1,616 with a 50-day moving average of $1,591. Twelve-month trailing operating margin was 11.0 percent and profit margin 9.9 percent. Return on assets over the past twelve months was 8.1 percent and the return on equity 34.5 percent. At close of trading on February 8th pre-release, CMG was priced at $1,461. At market open, post-release on February 9th CMG traded at at $1,555.