http://www.morningstar.com/earnings/54514364-chipotle-mexican-grill-inc-class-a-cmg-q2-2013.aspx

Chipotle Mexican Grill Inc Class A CMG
Q2 2013 Earnings Call Transcript

Transcript Call Date 07/18/2013

Operator: Good afternoon and welcome to the Chipotle Mexican Grill's Second Quarter 2013 Earnings Conference Call. All participants are now in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session. As a reminder this conference is being recorded. Thank you.

I would now like to introduce Chipotle's Director of Investor Relations, Alex Spong. You may begin your conference.

Alex Spong - IR: Thank you. Hello, everyone, and welcome to our call today. By now, you should have access to our earnings announcement released this afternoon for the second quarter 2013. It may also be found on our website at chipotle.com in the Investor Relations section.

Before we begin our presentation, I will remind everyone that parts of our discussion today will include forward-looking statements as defined in the securities laws. These forward-looking statements will include projections of the number of restaurants we intend to open, comp restaurant sales increases; timing and impact of menu price increases; trends and food cost, marketing spend and other expense items, effective tax rates, stock repurchases and shareholder returns as well as other statements of our expectations and plans.

These statements are based on information available to us today and we are not assuming any obligation to update them. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. We refer you to the risk factors in our Annual Report on Form 10-K, as updated in our subsequent Form 10-Qs for discussion of these risks.

I'd like to remind everyone that we've adopted a self-imposed quiet period restricting communications with investors during that period. That quiet period begins on the first day of the last month of each fiscal quarter and continues until the next earnings conference call. For the third quarter, it will begin September 1 and continue through our third quarter release in October.

On the call with us today are Steve Ells, our Chairman and Co-Chief Executive Officer; Monty Moran, Co-Chief Executive Officer; and Jack Hartung, Chief Financial Officer.

With that, I'll now turn the call over to Steve.

Steve Ells - Chairman and Co-CEO: Thanks, Alex. Well, 20 years ago this month I opened the first Chipotle on old space near the University of Denver. I had no idea that this little restaurant would someday become one of over 1,500 restaurants and that together with over 42,000 team members would be changing food culture in this country. When I open that first restaurant I wanted to show that just because food is served fast didn’t mean it had to be a typical fast food experience. So, I stressed over every ingredient and the team and I worked very hard every day to make sure that we served delicious burritos to every customer who visited. And today, as a team, we welcome each and every customer as if we were inviting them into our home, proud to serve the food that we have been working on so hard to prepare. And as it reflects on this journey, we've been on for the last 20 years. It occurs to me that we are bigger today with a much larger team serving many more customers in many more ways. We are doing just what we did when we opened the first restaurant 20 years ago. We still stress over every ingredient, though we have raised our expectations to expect not only fresh ingredients, but ingredients that are responsibly raised and our empowered teams of top performers in our restaurants today care just as much as we did back then about making sure every customers feel welcomed and are treated to a delicious meal every time they visit. I am proud of what we’ve accomplished together over the last 20 years, but I am even more optimistic about our potential over the next 20.

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