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Chipotle profit jumps despite higher food costs
April 18, 2013 / 8:11 PM / in 4 years

Chipotle profit jumps despite higher food costs

LOS ANGELES, April 18 (Reuters) - Chipotle Mexican Grill Inc reported a jump in quarterly profit on Thursday, even as higher food costs squeezed restaurant margins at the popular burrito chain.

The Denver-based company said first-quarter net income rose to $76.6 million, or $2.45 per share, from $62.7 million, or $1.97 cents per share, a year earlier.

Sales at restaurants open at least 13 months, a closely watched gauge of industry performance, were up 1 percent, matching analysts’ average estimate compiled by Consensus Metrix.

It repeated its prior call for flat to low single-digit percentage sales growth at established restaurants for 2013, excluding any menu price increases.

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