July 18 Chipotle Mexican Grill Inc on
Thursday reported higher quarterly profit after an increase in
customer visits helped sales at established restaurants rise
more than analysts expected.
The results sent Chipotle shares up 5.6 percent to $398 in
Second-quarter net income at the burrito chain rose to $87.9
million, or $2.82 per share, from $81.7 million, or $2.56 per
share, a year earlier.
Income taxes reduced earnings by 3 cents per share in the
Sales at restaurants open at least 13 months, a closely
watched gauge of industry performance, were up 5.5 percent -
topping the average analyst estimate of 3.8 percent compiled by
Consensus Metrix. Chipotle's same-restaurant sales were up 1
percent in the first quarter.
Analysts say Chipotle needs mid-single-digit percentage
growth in same-restaurant sales to protect profits.