Chipotle Mexican Grill(US:CMG)2025-04-23 20:11Financial Performance - Total revenue for Q1 2025 was $2.9 billion, a 6.4% increase compared to Q1 2024[4] - Net income for Q1 2025 was $386.6 million, or $0.28 per diluted share, compared to $359.3 million, or $0.26 per diluted share in Q1 2024[10] - Adjusted net income for the first quarter of 2025 was $396,800, compared to $369,255 in the same quarter of 2024, reflecting an increase of 7.5%[29] - Income from operations for Q1 2025 was $479,250, representing 16.7% of total revenue, compared to $441,292 or 16.3% in Q1 2024[38] - The operating margin increased to 16.7% from 16.3% in Q1 2024[8] - Restaurant level operating margin for Q1 2025 was $753,622, representing 26.2% of total revenue, slightly down from 27.5% in Q1 2024[38] Sales and Transactions - Comparable restaurant sales decreased by 0.4%, with a 2.3% decline in transactions offset by a 1.9% increase in average check[4] - Comparable restaurant sales decreased by 0.4% in the first quarter of 2025, following a 5.4% increase in the previous quarter[24] - Average restaurant sales for the three months ended March 31, 2025, were $3,186, slightly down from $3,213 in the previous quarter, a decrease of 0.8%[24] - Digital sales accounted for 35.4% of total food and beverage revenue[4] Costs and Expenses - Labor costs were 25.0% of total revenue, up from 24.4% in Q1 2024, primarily due to wage inflation[7] - General and administrative expenses decreased to $172,783, accounting for 6.0% of total revenue, down from 7.6% in the previous year[38] - Depreciation and amortization expenses increased to $87,211, making up 3.0% of total revenue, compared to 3.1% in the previous year[38] - Pre-opening costs rose to $8,210, maintaining a consistent 0.3% of total revenue year-over-year[38] - Impairment, closure costs, and asset disposals were reported at $6,168, consistent at 0.2% of total revenue for both years[38] Tax and Liabilities - The effective income tax rate for Q1 2025 was 22.9%, up from 22.0% in Q1 2024[9] - Total liabilities remained relatively stable, with a slight increase from $5,548,828 as of December 31, 2024, to $5,553,222 as of March 31, 2025[20] Growth and Expansion - The company opened 57 new restaurants in Q1 2025, with 48 featuring a Chipotlane[5] - The company plans to open 315 to 345 new company-owned restaurants in 2025, with over 80% expected to have a Chipotlane[14] - Company-owned restaurants opened during the first quarter of 2025 totaled 57, while 119 were opened in the previous quarter, indicating a decrease of 52.9%[24] Cash Flow - The company reported a net cash provided by operating activities of $557,075 for the first quarter of 2025, compared to $569,234 in the same period of 2024, a decrease of 2.1%[22] - The company repurchased common stock amounting to $553,796 during the first quarter of 2025, compared to $27,005 in the same period of 2024[22] Current Assets - Total current assets decreased from $1,780,587 as of December 31, 2024, to $1,661,648 as of March 31, 2025, a decline of 6.7%[20]