DENVER—The finance chief of Chipotle Mexican Grill Inc. on Tuesday reiterated fourth-quarter guidance for the fast-casual restaurant chain despite challenges posed by the sagging economy.
The operating environment has been difficult for both the retail and restaurant industries, which Chipotle has seen reflected in business trends since mid-September, Chief Financial Officer Jack Hartung told analysts at a conference.
Commodity costs have been challenging because Chipotle relies on natural and organic products for its burritos, tacos and salads, Hartung said.
As the company forecast in October, fourth-quarter sales declined at stores open for at least a year, he said. The rate of growth was in the low double digits for the quarter ended Dec. 31, compared with a 12.4 percent growth rate in the third quarter.
The Denver-based chain forecast earnings of 54 cents a share for the fourth quarter, which would be a 62 percent increase from the 2006 fourth quarter. The company is scheduled to release its fourth-quarter results on Feb. 14.
Chipotle’s presentation at the Cowen and Co. Consumer Conference in New York was carried on the Internet.
Its stock rose $1.70 a share to $118.47 a share in midday trading Tuesday.
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