DENVER—Despite the sagging economy, Chipotle Mexican Grill Inc., a fast-casual restaurant chain, said Tuesday it ended the fourth quarter with a growth rate in the low double digits for sales at stores open at least a year.
Chipotle Chief Financial Officer Jack Hartung told analysts during a conference that the company recorded a 12.4 percent growth rate in same-store sales in the third quarter.
The Denver-based chain did not provide a financial forecast for the quarter but will release its results on Feb. 14.
The operating environment has been difficult for both the retail and restaurant industries, which Chipotle has seen reflected in business trends since mid-September, 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.
An analyst consensus of same store sales comparison and operating income has predicted Chipotle will earn 54 cents a share for the fourth quarter, which would be a 64 percent increase from the 2006 fourth quarter.
Chipotle’s presentation at the Cowen and Co. Consumer Conference in New York was carried on the Internet.
Its stock fell 84 cents a share to $115.93 a share Tuesday.
