Tareas

Chipotle Mexican Grill, Inc. NYSE:CMG

Chipotle is a restaurant chain selling Tex-Mex food in the U.S. Fast food is generally associated with "bad
for health". Chipotle chain however is quite the opposite. Their meals are made with organic products,
their meats are not injected with antibiotics and their premises are constructed from recycled materials.
Chipotle is environmentalawareness. Chipotle Mexican Grill, Inc. and its subsidiaries operate
restaurants throughout the United States, as well as two restaurants in Toronto, Canada and two in
London, England. As of December 31, 2011, they operated 1,230 restaurants.
Their business apparently is nothing innovative. Basically just sell a product: burritos. Upon entering one
of its restaurants have to travel a bar type"self-service" where are you choosing the ingredients of your
burrito. Different types of meat, vegetables, sauces and how could it be otherwise, beans. There are
tables and bars to sit, and in most places to eat on the terrace outside. Their prices are similar to other
fast food options.
Up to here nothing catches our attention, or indicates that a business may be different from many others,but if we look closely there are a number of factors that make the difference.
• The menu is clearly less "greasy" than typical competitors (burgers, pizzas ...), which predisposes to an audience and more preferably for the healthy and natural. For example, have eliminated fats "trans" of all its ingredients.
• All ingredients are fresh, including sauces, which are made several times a day inthe restaurant.
• The burrito is cooked before your eyes. You see the ingredients before serving.
• They try to buy from local producers as much as possible to minimize their environmental impact.
• Rules requiring their suppliers natural breeding animals (pigs, chickens, cows, milk). That is, vegetarian
diet, no antibiotics, outdoors or in crowded dwellings no. Most of their meat and milkalready meets these requirements.
• Have policies to promote labor, immigrant integration and employee training. After 10 years with the
company, employees are entitled to 2 months paid sabbaticals.
• Involvement with workers to create a good work environment that is passed to the client.
• Audited suppliers to avoid those who "exploit" their workers.
• You can order food by phone, fax orInternet.

All these points are part of the "product" that sells Chipotle: healthy food, modernity, commitment to the
environment and social responsibility. They call it "Food with integrity". Definitely want to convey an image
that are opposed to the other fast food chains tend to be associated with questionable foods and poor
working conditions.



The history:
• The company wasfounded in 1993 as a fast food restaurant created by Steve Ells in Denver, Colorado.
• Due to the success of this first, in '95, opens two new stores.
• In '96 there are already eight Chipotles in the Denver area.
• In the '98 enter outside investors in the company (McDonalds).
• In '06 goes public on the NYSE under the symbol CMG and McDonalds leaves the shareholders.
• In the '09 have956 stores in the U.S. and one in Canada. In ’10 they have 1,084 stores and
in 2011 1,230 stores.

Financial Position

Sales in 2009 were 1,518 billion and net income of 127 million representing $ 3.95 per share. In 2010
sales were 1,836 billion and net income of 179 million, representing $ 5.64 per share. In 2011 sales were
2,269 and net income of 215 million representing $ 6.76 pershare. They have no debt, because their
food is fresh and not have large stockpiles. They tend to pay providers 10 days period within which the
goods have already been cooked fresh and sold so do not need much capital.
The great majority of the premises are rented so that is affecting the housing crisis.





Growth

Their ratios and sales have grown proportionally to the number of...