Chipotle Mexican Grill began with a single location in 1993 and now operates mor

Question

Chipotle Mexican Grill began with a single location in 1993 and now operates more than 1,700 restaurants. Adapted versions of the company's income statements (in $000s) are as follows: 2015 2014 Revenue $4,501,223 $4,108,269 Restaurant operating cost:s Food, beverage, and packaging Labor Occupancy Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Loss on disposal of assets 1,503,8351,420,994 904,407 230,868 434,244 273,897 110,474 15,609 6,976 3,737,634 3,397,469 763,589 710,800 3,503 769,867714,303 268,929 $475,602 $445,374 1,045,726 262,412 514,963 250,214 130,368 16,922 13,194 Total operating expenses Income from operations Interest and other income (expense), net Income before income taxes Provision for income taxes 6,278 294,265 Net income Prepare a common-size income statement for each year. (Round answers to 1 decimal place, e.g. 50.1%.)

Explanation / Answer

2015 2014 Revenue 100.0% 100.0% Retaurant operating costs food,beverage,and packaging 33.4% 34.2% labor 23.2% 22.0% occupancy 5.8% 5.6% other operating costs 11.4% 10.6% General & adm expenses 5.6% 6.7% Depreciation and amortization 2.9% 2.7% pre-opening costs 0.4% 0.4% loss on disposal of assets 0.3% 0.2% total operating expenses 83.0% 82.7% income from operations 17.0% 17.3% interest and other income(expense)net 0.1% 0.1% income before income taxes 17.1% 17.4% provision for income taxes 6.5% 6.5% net income 10.6% 10.8%

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