Chipotle 4th quarter profit up, despite higher food costs
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.
- Atheists face death in 13 countries, global discrimination: study
- Signer says suffered schizophrenic episode at Mandela memorial |
- Missouri executes man for killing good Samaritan motorist in 1994
- Thai military chief rebuffs meeting request in blow to protesters |
- Apple scores legal victory over Samsung in South Korea