We use words such as "anticipate", "believe", "could", "should", "may", "approximately", "estimate", "expect", "potential", "intend", "project", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. Treasury stock, at cost, 8,777 and 8,703 common shares as of March 31, 2021 and December 31, Purchases of leasehold improvements, property, and equipment accrued in accounts payable and, (1) Beginning in Q3 2020, we revised the definition of average restaurant sales to exclude delivery service revenues (refer to Definitions section above). These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements, including but not limited to: uncertainty regarding the duration and severity of the ongoing COVID-19 pandemic and its ultimate impact on our business, including supply chain disruptions and difficulties in acquiring restaurant equipment, impact on guest traffic, restaurant sales and operating costs and the ability of our third-party suppliers and business partners to fulfill their responsibilities and commitments; increasing wage inflation and the increasingly competitive labor market, which impacts our ability to attract and retain qualified employees and has resulted in occasional staffing shortages; increasing supply costs, including beef and freight and to a lesser extent, avocados; risks associated with our reliance on certain information technology systems and potential failures or interruptions; privacy and cyber security risks related to our acceptance of electronic payments or electronic processing of confidential customer or employee information, including through our digital app; the impact of competition, including from sources outside the restaurant industry; the financial impact of increasing our national average hourly wage to $15.00; the impact of federal, state or local government regulations relating to our employees, employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to achieve our planned growth, such as the availability of suitable new restaurant sites and the availability of construction materials and contractors; increases in ingredient and other operating costs due to our Food With Integrity philosophy, tariffs or trade restrictions and supply shortages; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers' perceptions of our brand, including as a result of actual or rumored food safety concerns or other negative publicity, decreased overall consumer spending (including but not limited to the increase in unemployment caused by COVID-19), or the inability to increase menu prices or realize the benefits of menu price increases; risks associated with our increased focus on our digital business, including risks arising from our reliance on third party delivery services; risks relating to litigation, including possible governmental actions related to food safety incidents and potential class action litigation regarding employment laws, advertising claims or other matters; and other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com. Comparable restaurant sales began to moderate in the back half of December as the number of Omicron cases spiked. Chipotle Is Testing a Plant-Based Version of Chorizo. For more information on JAMS and/or the rules of JAMS, visit their website at www.jamsadr.com. 2021 and December 31, 2020, respectively, Common stock, $0.01 par value, 230,000 shares authorized, 36,936 and 36,704 shares issued as All such requests must be received within six (6) weeks after the end of the Sweepstakes Period. underlying food and beverage sales per restaurant. (3) For the three months ended December 31, 2021 and 2020, and year ended December 31, 2021, stock-based compensation consists of a COVID-19 related modification made in December 2020 to our 2018 performance shares. delivery MPI" represents average restaurant sales, as defined above, adjusted to remove the impact of delivery menu price increases. The food is good, but.some of the employees can be a little grumpy sometimes. 15 Ideas for Fun Easter Food - 15 plus ideas for making cute foods your kids will love. Results for the full year ended December 31, 2021: Total revenue for 2021 was $7.5 billion, an increase of 26.1% compared to 2020. Through the end of February, same-store sales had increased 14.4%. Cut flour tortillas into triangles 2.) In terms of drinks, we got the Chipotle-Pineapple Bourbon Sour.This drink includes bourbon, pineapple, and lime juices . Restaurant level operating margin was 22.6%, an increase from 17.4% in 2020. NO PURCHASE NECESSARY TO ENTER OR WIN A PRIZE IN THIS SWEEPSTAKES. Rub and turn to coat. Officers, directors and employees of Sponsor, Google, and each of their respective parents, subsidiaries, affiliates, distributors, retailers, sales representatives, advertising and promotion agencies involved in the Sweepstakes (all such individuals and entities collectively referred to herein as the Sweepstakes Entities), and the immediate family members and/or those residing in the same household of each are ineligible to enter the Sweepstakes or win a prize. Proof of text messaging the Short Code is not considered proof of delivery to or receipt by Sponsor of such entry. #SpoonTip: Wear tight long sleeves when making buuelos to avoid burning from frying oil. earn rewards, or $0 delivery + more depending on the latest offers. Restaurant level operating margin was 22.3%, an increase from 17.6% in the first quarter of 2020. In retrospect, it might be a good thing that Chipotle is taking its time releasing a new item. The forward-looking statements in this press release are based on currently available operating, financial and competitive information available to us as of the date of this release and we assume no obligation to update these forward-looking statements. This was partially offset by a net reduction in tax expense mostly related to the write-off of uncertain tax position reserves and more equity vesting and exercises in the fourth quarter of 2021. recommending (among other things) drive-thru lanes and a breakfast menu, flopped after being introduced regionally in 2017. Including this repurchase authorization, $240.9 million was available as of December 31, 2021. 4 Beds. However, despite its past failures, the company remains committed to finding that perfect sweet treat to suit its menus. Food, beverage and packaging costs were 30.6% of total revenue, a decrease of 170 basis points compared to 2020. This is a GREAT sandwich. During the event, which will be held at the Baskin-Robbins located at 1225 1st Ave., New York, you can visit the shop to get free unlimited scoops of Chick'n & Waffles ice cream in a limited-edition Chick'n & Waffles cup . If, for any reason, more bona fide winners come forward seeking to claim prizes in excess of the number of each type of prize set forth in these Official Rules, the winners, or remaining winners, as the case may be, of the advertised number of prizes available in the prize category in question may be selected in a random drawing from among all persons making purportedly valid claims for such prize(s). The forward-looking statements in this press release are based on currently available operating, financial and competitive information available to us as of the date of this release and we assume no obligation to update these forward-looking statements. You should receive an email from us shortly asking you to verify your email address. For Q2, we expect our comparable restaurant sales to be in the range of high twenties to 30% with quesadilla incidence normalizing, and lower marketing investment. A free Chipotle Rewards account is required to claim the prize. (3) For the three months ended March 31, 2020, other adjustments consists of severance associated with the departure of our former In order to wring the most value out of its investment, McDonalds spent years encouraging Chipotle to adopt certain fast food conventions, recommending (among other things) drive-thru lanes and a breakfast menu. Yield 6 servings Prep Time 10 minutes Cook Time 15 minutes Total Time 25 minutes Course Side Cuisine Mexican Author Sabrina Snyder Rate Ingredients US Customary Metric The GAAP effective income tax rate was 19.7% in 2021, compared to negative 21.1% in 2020. No mechanically reproduced, illegible, incomplete, forged, software-generated or other automated multiple entries will be accepted. Adjusted net income is net income excluding expenses related to restaurant asset impairment, corporate restructuring, legal proceedings, stock-based compensation modification expense, and certain other costs. Heat the oil in a large pot over medium high heat. The decline began from 2018 to 2019, as Biglari articulated those "heavy losses.". Some of these include buuelos, a flat fried fritter topped with honey, sugar, cinnamon and served with an apple dipping sauce, and a Mexican Chocolate Shake. Chipotle appears to be quietly looking at a new dessert option for its menu: mini churro loops dusted in cinnamon sugar . Mexican Food. It involves market research, menu development, recipe testing, price determination, test marketsthe list goes on. 7. Highlights from Chipotle's 2021 Sustainability Report Update include: People Impact 90% of restaurant management roles were internal promotions Promoted almost 19,000 team members Offered free & confidential Employee Assistance Program (EAP) services to all Chipotle Employees Achieved a Human Rights Campaign Corporate Equality Index score of 100 Maybe that was bad timing to roll out a flashy new menu itemit could have come across as a desperate ploy to lure back skittish customers. Chipotle's revenue increased by 7.1% to $6.0 billion whereas comparable restaurant sales increased 1.8%. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES, Adjusted General and Administrative Expenses, Stock-based compensation modification expense(2), Adjusted general and administrative expenses. Decorated Egg Sugar Cookies (gluten free) - Gluten free sugar cookies cut in Easter egg shapes and decorated. Inclusion in such drawing shall be each entrants sole and exclusive remedy under such circumstances. 2. Wireless service providers may charge entrants for each text message, including any error message, that is sent and received in connection with the Sweepstakes. All portions of the prize are non-assignable and non-transferable. Excluding the impact of modification expenses related to our 2018 PSUs, legal expenses, corporate restructuring, restaurant asset impairment, and certain other costs, adjusted net income for 2021 was $724.8 million and adjusted diluted earnings per share was $25.42. Our adjusted net income, adjusted diluted earnings per share, and adjusted general and administrative expenses measures may not be comparable to other companies' adjusted measures. If a winner does not have a Chipotle Rewards account, the winner can create a free account at the time the prize is claimed. (2) For the three months ended March 31, 2021, stock-based compensation consists of a modification to 2018 performance shares. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES, Adjusted Net Income and Adjusted Diluted Earnings per Share, Operating lease asset impairment and other restaurant costs(1), Operating lease asset impairment and other office closure costs(3), Stock-based compensation modification expense(6), Diluted weighted-average number of common shares outstanding.
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