DENVER—Chipotle Mexican Grill Inc. said Tuesday its second-quarter net income nearly doubled as the casual dining restaurant chain added stores and saw sales rise 11.6 percent in restaurants open at least a year.
The Denver-based company issued earnings after the market closed Tuesday, reporting $20 million in net income, or 60 cents a share, for the quarter ending June 30. That compared with $10.8 million, or 33 cents a share, in the second quarter of 2006.
Revenue totaled $274.3 million, up 34 percent from $204.9 million in the year-ago quarter.
Chipotle officials credited the increase in revenue to an 11.6 percent boost in comparable restaurant sales, referring to stores that have been open at least a year.
The company said it also opened 32 restaurants during the quarter, including two in new markets.
During the first six months, Chipotle reported $32.4 million in net income, or 98 cents a share, compared with $18.8 million, or 59 cents a share, in the comparable year-ago period.
Revenue rose to $510.4 million, up 30 percent from $392 million in the first six months of 2006.
Shares of Chipotle rose 77 cents to close Tuesday at $88.34 a share. That compares with a 52-week range from a low of $45.82 a share to a high of $92 a share.
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