Chipotle 4th quarter profit up, despite higher food costs

Tue Feb 5, 2013 4:21pm EST

Feb 5 (Reuters) - Chipotle Mexican Grill Inc on Tuesday reported higher quarterly profit, despite higher costs for beef and other ingredients that took a bite out of margins.

Net income rose to $61.4 million, or $1.95 per share, during the fourth quarter, from $57.5 million, or $1.81 cents per share, a year earlier.

Revenue increased just over 17 percent to $699.2 million. Sales at restaurants open at least 13 months were up 3.8 percent, as expected.

Food costs were 33.5 percent of revenue, an increase of 130 basis points, primarily driven by higher costs for beef products, including steak and barbacoa.