Pershing Square Activist Presentation Deck
Chipotle Mexican Grill ("CMG")
CHIP
MEXICA
GRILL
CMG management reignited sales and profit growth in 2019. CMG has
an extensive pipeline of initiatives to drive growth for years to come
2019 was an outstanding year for all Chipotle stakeholders
Same-store sales growth of 11% in 2019, including 7% transaction growth
Each quarter grew faster than the previous quarter on a one- and two-year basis
Digital orders nearly doubled and now account for just under 20% of sales
Successful launches of loyalty program in March and carne asada in September
Restaurant margins expanded by 1.8 percentage points in 2019 to 20.5%
Management has a clear plan to drive continued progress in 2020
Menu innovations currently in test including queso blanco, quesadillas, and
a revamped beverage offering
Step-up in unit growth in 2020, with Chipotlanes in the majority of new units
Despite a stellar 2019, we believe Chipotle still has significant unrealized growth potential, with
average restaurant sales still 12% below peak levels and margins ~700bps below peak levels
Source: Company filings
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