奇波雷墨西哥燒烤 (CMG) 2017Q3電話會議重點和逐字稿 - 財報狗 (2024)

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• Operator

• Greetings, and welcome to the Chipotle Mexican Grill, Inc.

• Third Quarter 2017 Earnings Conference Call.

• (Operator Instructions) As a reminder, this conference is being recorded.

• I would now like to turn the conference over to your host, Mark Alexee, Manager of Investor Relations.

• Mark Alexee

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• Good afternoon, everyone, and welcome to our call today.

• By now, you should have access to our earnings announcement released this afternoon for the third quarter of 2017.

• 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 statements regarding sales trends; expected new restaurant openings; new product offerings and the impact of technology initiatives on our business; estimates of future food, labor, occupancy, marketing and G&A cost trends; and statements about possible price increases or stock repurchases 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 and as updated in our subsequent Form 10-Qs for discussion of these risks.

• I'd also like to remind everyone that we have adopted a self-imposed quiet period, restricting communications with investors during that period.

• The quiet period will begin on the 16th day of the last month of each fiscal quarter and continues until the next earnings conference call.

• For the fourth quarter of 2017, it will begin December 16 and continue through our fourth quarter earnings release planned for February 1, 2018.

• We will start today's call with prepared remarks and then open the line for questions.

• On the call with us today are: Steve Ells, our Chairman and Chief Executive Officer; Scott Boatwright, Chief Restaurant Officer; Mark Crumpacker, Chief Marketing and Strategy Officer; Curt Garner, Chief Digital and Information Officer; and Jack Hartung, Chief Financial Officer.

• With that, I will now turn the call over to Steve.

• M. Steven Ells - Founder, Chairman and CEO

• Thanks, Mark, and good afternoon, everyone.

• Thanks for joining us.

• Last December, I returned to the role of sole CEO, committed to restoring the operational excellence that made us successful.

• It's been a challenging year, and the third quarter was no exception, but we are making meaningful progress.

• We are entering the fourth quarter with a positive sales trend that I believe demonstrates our strategy is paying off.

• During our prepared remarks today, we are going to share with you the progress we've made toward our goals and provide more details about our plans for the future.

• Upon my return as sole CEO, I implemented a plan that realigned our organization toward the following 5 essential goals: number one, deliver an excellent guest experience; number two, restore brand trust and drive sales; number three, foster innovation around the menu and the guest experience; number four, restore our economic model; and number five, strengthen our culture and recommit to our purpose.

• In order to execute against these goals, we made changes to our Board of Directors, our officer team and our field operations structure.

• I'm pleased to report that the addition of 4 new board directors in December 2016 has been extremely productive, and they have provided excellent guidance as we execute against our strategy.

• Over the course of the year, we also made several very important additions to our officer team, including one that I'll announce today.

• Over the last several months, we added Scott Boatwright as our Chief Restaurant Officer and Laurie Schalow as our Chief Communications Officer.

• Both Scott and Laurie have hit the ground running, and we'll hear from Scott directly about his progress toward improving our restaurant operations.

• And today, I'm excited to announce that we have retained Mike Malanga to advise the Chipotle officer team and lead our development function.

• Mike has been consulting with us on key development initiatives over the past several months.

• He's been so insightful and added so much to the team that we asked him to expand our consulting engagement to lead the development team beginning immediately.

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