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3 years ago
Chipotle traffic jumps even after price increase
July 21, 2014 / 8:20 PM / 3 years ago

Chipotle traffic jumps even after price increase

1 Min Read

July 21 (Reuters) - Chipotle Mexican Grill Inc on Monday reported a nearly 26 percent jump in quarterly profit after traffic to the burrito chain surged despite a menu price increase, sending its shares soaring almost 8 percent in after-hours trading.

The Denver chain known for serving antibiotic-free meats and organic produce said second-quarter net income grew to $110.3 million, or $3.50 per share, from $87.9 million, or $2.82 per share, a year earlier.

Sales at restaurants open at least 13 months, a closely watched gauge of industry performance, increased 17.3 percent for the quarter, blowing past 23 analysts' average estimate for a gain of 10.5 percent. Chipotle reported a 13.4 percent same-restaurant sales rise for the first quarter.

Revenue increased almost 29 percent to $1.05 billion during the quarter.

Shares of Chipotle, which outperforms most other publicly held chains, gained 7.9 percent to $636.43 in extended trading. (Reporting by Lisa Baertlein in Los Angeles; Editing by Bernard Orr)

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