WASHINGTON (dpa-AFX) - Chipotle Mexican Grill, Inc. (CMG) reported that its comparable restaurant sales declined 4.8% for the fourth-quarter. Fourth-quarter revenue increased 3.7% to $1.0 billion. The company said the increase in revenue was driven by new restaurant openings, partially offset by the decrease in comparable restaurant sales during the quarter. Comparable restaurant sales declined primarily as a result of a decrease in the number of transactions in restaurants, and to a lesser extent from a decline in average check.
Comparable restaurant sales decreased 20.2% and 1.4% in October and November 2016, and increased 14.7% in December 2016. Comparable restaurant sales benefitted from easier comparisons due to lower sales levels in November and December 2015. The company opened 72 new restaurants during the quarter, bringing the total restaurant count to 2,250.
Net income for the fourth quarter of 2016 was $16.0 million, or $0.55 per diluted share, compared to net income of $67.9 million, or $2.17 per diluted share, in the fourth quarter of 2015.
For 2017, the company's management is targeting comparable restaurant sales increases in the high-single digits.
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