<SEC-DOCUMENT>0001058090-23-000032.txt : 20230905
<SEC-HEADER>0001058090-23-000032.hdr.sgml : 20230905
<ACCEPTANCE-DATETIME>20230803161102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001058090-23-000032
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230803

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1100
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-524-4000

	MAIL ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1100
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			8-K SEC Response Letter August 3
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						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">CHIPOTLE MEXICAN GRILL, INC.</font></p>

					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 8pt">

						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">610 Newport Center Drive</font></p>

					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 8pt">

						<font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">Newport Beach, CA 92660</font></p>

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						&nbsp;</p>

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						<font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;"><font style="display: inline;font-family:Calibri Light;color:#451400;font-size:6pt;">WEB</font><font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">&nbsp;</font></font><font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;;font-size: 8pt;font-family:Interstate-Light;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Calibri Light;color:#451400;font-size:8pt;">chipotle.com</font></p>

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						&nbsp;</p>

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			&nbsp;

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</div>
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			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">August</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;3</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">202</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">3</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Stephen Kim</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Theresa Brillant</font>
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		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Division of Corporate Finance</font>
		</p>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Office of Trade &amp; Services</font>
		</p>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Securities and Exchange Commission</font>
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		<p style="margin:0pt 0pt 10pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;height:1.10pt;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Re:</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Chipotle Mexican Grill, Inc.</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Form 10-K for Fiscal Year Ended December 31, 2022</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Filed February 9, 2023</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font></p>
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					<p style="margin:0.1pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">File No. 001-32731</font></p>
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			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:10.8pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Dear Mr. Kim and Ms. Brillant:</font>
		</p>
		<p style="margin:10pt 15.85pt 0pt 0pt;line-height:103.75%;text-indent:36pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">This letter is in response to your letter dated July 31, 2023, providing a comment on Chipotle Mexican Grill, Inc.&#x2019;s (&#x201C;Chipotle&#x201D;) </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Form 10-</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">K for the Fiscal Year Ended December 31, 2022. For your convenience, your comment has been reproduced in its entirety below, followed by Chipotle&#x2019;s response.</font>
		</p>
		<p style="margin:10.8pt 0pt 0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Form 10-K for Fiscal Year Ended December 31, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">2022</font>
		</p>
		<p style="margin:0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Management's</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Discussion</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Analysis</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Financial</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Condition</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">and</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Results</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">of</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Operations</font>
		</p>
		<p style="margin:0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Results of Operations</font>
		</p>
		<p style="margin:0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Revenue, page 23</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt;">
			<p style="line-height:101.67%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:10.5pt 18.2pt 0pt 0pt;">
				<font style="margin:10.5pt 18.2pt 0pt 0pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;line-height:101.67%;text-align:justify;text-justify:inter-ideograph;;"> 1.</font>
			</p>
		</td><td style="width:4pt;"><p style="width:4pt;width:4pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:101.67%;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt;margin:10.5pt 18.2pt 0pt 0pt;">
			<a name="_Hlk141693517"></a><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">We note per the risk factor on page 9 and discussion of costs on page 23 that you implemented several menu price increases in 2022. Please quantify and discuss the extent to which changes in food and beverage revenue are attributable to changes in prices pursuant to Item 303(b)(2)(iii) of Regulation S-K. This comment also applies to Form 10-Qs.</font></p></td></tr></table></div>
		<p style="margin:10pt 23.05pt 0pt 0pt;line-height:104.17%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">Stephen Kim</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">Theresa Brillant</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">August 3, 2023</font>

		</p>

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">

			<font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">Page </font><font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;">2</font><font style="display: inline;font-family:Times New Roman;color:#767171;font-size:12pt;"></font>

		</p>

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 10pt">

			&nbsp;

		</p>

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 10pt">

			&nbsp;

		</p>

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:10pt 23.05pt 0pt 0pt;line-height:104.17%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">Chipotle&#x2019;s Response</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">:</font>
		</p>
		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">We acknowledge the Staff&#x2019;s comment and undertake to include the requested quantification in future SEC filings to the extent Chipotle&#x2019;s statement of income presents material changes from period to period in our food and beverage revenue, including menu price increases, if applicable.</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">By way of example, using Chipotle&#x2019;s Form 10-K for the fiscal year ended December 31, 2022 as a model, in future filings we intend to include disclosures such as the following in &#x201C;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x2014;Results of Operations&#x201D; to describe the material changes from period to period in food and beverage revenue presented on Chipotle&#x2019;s income statement: </font>
		</p>
		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">The significant factors contributing to the total revenue increase for the year ended December 31, 2022 compared to the year ended December 31, 2021, were comparable restaurant sales increase of $568.6 million and restaurants not yet in the comparable base of $519.4 million, of which $210.5 million was due to restaurants opened in 2022. Comparable restaurant sales increased 8.0% as a result of an increase in the average check of 7.</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">1</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">% and, to a lesser extent, an increase in transactions of 0.9%. The increase in average check was driven by a 12.0% benefit from menu price increases, which was partially offset by a decrease in check mix. </font>
		</p>
		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">In future filings, our disclosures of quantitative information describing factors that resulted in material changes in revenue from period-to-period would be substantially similar to the disclosures above, with appropriate adjustments to reflect the material factors for the relevant period, if any. </font>
		</p>
		<p style="margin:10pt 0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">If you have any questions or additional comments with respect to this response, please contact the undersigned by phone at (949) 292-1813 or by email at jmcconnell@chipotle.com.</font>
		</p>
		<p style="margin:0pt;line-height:115%;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Very truly yours,</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Interstate-Light;height:1.00pt;overflow:hidden;font-size: 1pt">
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						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">/s/&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Jamie McConnell</font></p>
					<p style="margin:0pt;line-height:100%;text-align:justify;text-justify:inter-ideograph;border-top:1pt solid #000000;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
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		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Interstate-Light;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Jamie McConnell</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Vice President, Controller</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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						&nbsp;</p>
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						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">cc:</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">John R. Hartung, Chief Financial </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">and Administrative </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Officer</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
