Chipotle 2013 Annual Report Download - page 34
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Revenue
For the years ended
December 31
%
increase
2013 over
2012
%
increase
2012 over
20112013 2012 2011
(dollars in millions)
Revenue .................. $ 3,214.6 $ 2,731.2 $ 2,269.5 17.7% 20.3%
Average restaurant sales ...... $ 2.169 $ 2.113 $ 2.103 2.7% 0.5%
Comparable restaurant sales
increases ................ 5.6% 7.1% 11.2%
Number of restaurants as of the
end of the period .......... 1,595 1,410 1,230 13.1% 14.6%
Number of restaurants opened
in the period, net of
relocations .............. 185 180 146
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 $333.9
million of the increase in sales in 2013, of which $156.6 million was attributable to restaurants opened during the
year. In 2012, restaurant sales from restaurants not yet in the comparable restaurant base contributed $304.7
million of the increase in sales, of which $134.8 million was attributable to restaurants opened in 2012.
Comparable restaurant sales increases contributed $150.3 million and $156.4 million of the increase in
restaurant sales in 2013 and 2012, respectively. Comparable restaurant sales growth in 2013 was due primarily to
increases in customer visits, and comparable restaurant sales growth in 2012 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
2013 over
2012
%
increase
2012 over
20112013 2012 2011
(dollars in millions)
Food, beverage and packaging ..... $ 1,073.5 $ 891.0 $ 738.7 20.5% 20.6%
As a percentage of revenue ........ 33.4% 32.6% 32.5%
Food, beverage and packaging costs increased as a percentage of revenue in 2013 due to inflation on many
food items, particularly salsa ingredients, as well as dairy, cooking oils, and chicken. We expect that food cost
inflation will continue into 2014.
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.
Labor Costs
For the years ended
December 31
%
increase
2013 over
2012
%
increase
2012 over
20112013 2012 2011
(dollars in millions)
Labor costs .......................... $ 739.8 $ 641.8 $ 543.1 15.3% 18.2%
As a percentage of revenue .............. 23.0% 23.5% 23.9%
Labor costs as a percentage of revenue decreased in 2013 due primarily to the benefit of higher average
restaurant sales.
32
Annual Report