Chipotle Mexican Grill Inc at Barclays Gaming, Lodging, Leisure, Restaurant & Food Retail Conference Transcript

Dec 04, 2019 / 02:15PM GMT
Jeffrey Andrew Bernstein - Barclays Bank PLC, Research Division - Director & Senior Equity Research Analyst

Good morning. My name is Jeff Bernstein, and I am the restaurant analyst here at Barclays. I am pleased to introduce our next presenting company, Chipotle. With us this morning from Newport Beach, California, we have CEO, Brian Niccol; and CFO, Jack Hartung. And I am happy to lead this presentation as a fireside chat. I will kick it off with some questions of my own and then hope to have some audience participation.

For those not familiar, if that's possible, Chipotle is a fast-casual pioneer with over 2,500 company-operated restaurants. They're on track for this year now ending to deliver on the upper end of high single-digit comp growth and mid-single-digit unit growth. Otherwise, the initial look to 2020 is for another 6% unit growth, with more than half now featuring Chipotlanes, which is a new topic of discussion for them, which adds another sales layer. Ultimately, long-term guidance, of course for AUVs and margins to rise in concert. And management has noted each incremental $100

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