Chipotle 2012 Annual Report Download - page 33

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Revenue
For the years ended
December 31
%
increase
2012 over
2011
%
increase
2011 over
20102012 2011 2010
(dollars in millions)
Revenue ................... $ 2,731.2 $ 2,269.5 $ 1,835.9 20.3% 23.6%
Average restaurant sales ...... $ 2.113 $ 2.013 $ 1.840 5.0% 9.4%
Comparable restaurant sales
increases ................. 7.1% 11.2% 9.4%
Number of restaurants as of the
end of the period .......... 1,410 1,230 1,084 14.6% 13.5%
Number of restaurants opened in
the period, net of
relocations ............... 180 146 128
The significant factors contributing to our increases in sales were new restaurant openings and comparable
restaurant sales increases. Restaurant sales from restaurants not yet in the comparable base contributed to $304.7
million of the increase in sales in 2012, of which $134.8 million was attributable to restaurants opened during the
year. In 2011, restaurant sales from restaurants not yet in the comparable restaurant base contributed to $237.9
million of the increase in sales, of which $92.8 million was attributable to restaurants opened in 2011.
Comparable restaurant sales increases contributed $156.4 million and $195.6 million of the increase in
restaurant sales in 2012 and 2011, respectively. Comparable restaurant sales growth in 2012 and 2011 was due
primarily to increases in customer visits, as well as the impact of menu price increases.
Food, Beverage and Packaging Costs
For the years ended
December 31
%
increase
2012 over
2011
%
increase
2011 over
20102012 2011 2010
(dollars in millions)
Food, beverage and packaging ...........$ 891.0 $ 738.7 $ 561.1 20.6% 31.7%
As a percentage of revenue ............. 32.6% 32.5% 30.6%
Food, beverage and packaging costs increased as a percentage of revenue in 2012 due to inflation on many
food items, primarily beef, chicken, and rice, and initiatives to improve the taste and quality of our food. The
increase was partially offset by the impact of menu price increases, and relief in avocado prices. We expect that
food cost inflation will continue in 2013 and that our food costs as a percentage of revenue will increase.
Food, beverage and packaging costs increased as a percentage of revenue in 2011 due to inflation on most
food items, including avocados, beef, chicken, and dairy, partially offset by the impact of menu price increases.
Labor Costs
For the years ended
December 31
%
increase
2012 over
2011
%
increase
2011 over
20102012 2011 2010
(dollars in millions)
Labor costs ........................... $ 641.8 $ 543.1 $ 453.6 18.2% 19.7%
As a percentage of revenue ............... 23.5% 23.9% 24.7%
Labor costs as a percentage of revenue decreased in 2012 due primarily to the benefit of higher average
restaurant sales, including the impact of menu price increases, partially offset by increased average wage rates.
31
Annual Report