Chipotle's Bernstein Strategic Decisions Conference Highlights

Chipotle Mexican Grill's (NYSE: CMG) CFO Jack Hartung on Wednesday gave a presentation at the Sanford Bernstein Strategic Decisions Conference depicting the outlook for the company.

The following bullets are highlights from the presentation.

Rising Beef Prices

• The company will be raising prices four-six percent due to higher beef prices.
• Record beef prices may be lowering demand.
• Beef prices spiked in April.
• Has raised prices in 500-600 stores so far.
• No sales change from higher prices.

  Company Outlook

  • Q2 comps will get "tougher" for 2013 comparisons.
  • Anticipates opening 180-195 new stores this year.
  • The second Pizzeria Locale is under construction, looking for a location for the third.
  • The company is not looking to franchise its restaurants.
  • European stores performing "very well."
  • Average yearly store sales around $2.2 million.

  Company Compensation

  • The average store wage is more than $9/hr.
  • Increases to the minimum wage will have "minimal" effect.
  • The majority of executive pay is through stock options.
  • Stock options have risen due to higher price per share.
  • The company believes its stock option calculation is "misunderstood."
  • The company was "surprised" by stockholder vote on say-on-pay referendum; Compensation Committee exploring what to do.

  Shares of Chipotle are not seeing much reaction as a result of the presentation and were up less than 0.2 percent at last check.