Skip navigation

Chipotle's profits jump 55%

DENVER Chipotle Mexican Grill Inc., the operator or franchisor of more than 600 namesake burrito restaurants, posted a 55.7-percent jump in first-quarter profit on increased same-store sales, new unit growth and improved restaurant-level profitability, the company reported.

For the quarter ended March 31, net income rose to $12.4 million, or 38 cents per share, from $8 million, or 26 cents per share, in the same quarter a year ago.

Revenue for the latest period increased 26.2 percent to $236.1 million. Same-store sales rose 8.3 percent and the company opened 28 restaurants during the three-month quarter.

Chipotle's restaurant-level margins increased by 50 basis points, or 0.5 percent, because of higher average restaurant sales, menu price increases related to the chain's addition of naturally raised meats in certain markets, and "efficiencies in labor," the company said.

Full-year same-store sales are expected to increase in the "mid to high single digits" over last year, Chipotle reported. In addition, the company plans to open between 110 and 120 new restaurants this year.

TAGS: Finance
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish