UPDATE: Chipotle 1Q profit, stock price soar

DENVER Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle’s stock price increased 14 percent to close at $144.72 on Thursday, after hitting a high of $145.11 during trading, the highest price for the stock in more than two years. Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Securities analysts were mostly pleased that Chipotle, which typically posts large earnings jumps, was able to finally report on positive guest traffic trends, which had eluded the chain during the worst parts of the domestic recession.Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Growth in guest counts in 2010’s first quarter marked the first time in seven quarters, or since the second quarter of 2008, that Chipotle has reported anything but flat or lower customer traffic. Despite stagnant or falling guest counts during that long stretch, Chipotle nevertheless maintained its string of consecutive quarterly comparable-store sales improvements, pointing to menu price hikes as the reason for that growth.Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

“Chipotle delivered a fifth-consecutive quarter of [20 cents-plus] upside, primarily driven by food [and] labor cost favorability,” analyst Jeff Farmer at Jefferies & Co. said in a research note Thursday. “Difference between this quarter and prior quarters is the dramatic improvement in traffic trends that finally came along for the ride.”Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle's net income totaled $37.8 million, or $1.19 per share, for the March 31-ended quarter, compared with $25.4 million, or 78 cents a share, in the same quarter a year earlier.Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Latest-quarter revenue rose 15.6 percent to $409.7 million, which the company attributed to a 4.3-percent increase in same-store sales and the opening of 115 restaurants since the end of 2009's first quarter, including 20 in the latest quarter. Denver-based Chipotle ended the quarter with 976 restaurants.Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

"The commitment of our restaurant managers and crew to provide great customer service and serve great tasting food is paying off with increased customer visits," said Chipotle co-chief executive Monty Moran. "Our efforts to hire and develop top performing crew will continue to lead to stronger future leaders running our restaurants, and ensure our customers will enjoy the best customer service possible.”Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle said restaurant-level operating margins improved by 260 basis points during the period to 26.1 percent of revenue because of higher sales and “continued labor efficiencies.” Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

The company said it expects to open between 120 and 130 restaurants in 2010 and foresees full-year same-restaurant sales growth in the "mid-single digits."Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Contact Alan J. Liddle at [email protected] [3].Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.

Chipotle Mexican Grill Inc. saw its stock surge on Thursday, following the company’s first-quarter report late Wednesday that included a nearly 50-percent jump in net income from higher same-store sales and positive labor cost trends.