Denver – Chipotle Mexican Grill Inc., known for its hefty burritos, said today its first-quarter net income jumped 56 percent amid higher sales and an expansion program that added more than two dozen restaurants.
For the quarter ending March 31, Chipotle reported net income of $12.4 million, or 38 cents a share, compared with $8 million, or 26 cents a share, in the first quarter of 2006.
Revenue rose 26.2 percent to $236.1 million from $187 million in the year-ago quarter.
The results beat estimates by analysts surveyed by Thomson Financial who had forecast, on average, first-quarter earnings of 32 cents a share.
Sales at restaurants open at least a year rose 8.3 percent, which Chipotle credited to more customer visits. The chain also opened 28 company-operated restaurants to end the quarter with 605.
The company has increased its full-year guidance for an increase in comparable restaurant sales ranging from the mid- to high-single-digit percentage. It also plans to open an additional 110 to 120 restaurants.
Chipotle, which began trading publicly in January 2006, released the results after the market closed.
Its stock rose $1.03, or 1.6 percent, to close at $66.26 a share Tuesday on the New York Stock Exchange. In the past year, shares have traded between $45.82 a share and $68 a share.
Founded in Denver in 1993, Chipotle (pronounced chi-POAT-lay) made its name by offering meal-sized burritos, tacos and salads using natural ingredients.
