DENVER—Chipotle Mexican Grill Inc., a fast-casual restaurant chain, said Thursday its net income jumped 62 percent in the fourth quarter, crediting an 11 percent boost in sales although the results missed Wall Street’s expectations.
Its stock fell 14 percent in after-hours trading Thursday.
For the quarter ending Dec. 31, the Denver-based company reported net income of $17.5 million, or 53 cents a share, compared with net income of $10.8 million, or 33 cents a share in the year-ago quarter.
Revenue totaled $288.9 million up from $219.7 million in the fourth quarter of 2006.
Analysts surveyed by Thomson Financial had forecast 55 cents a share on revenue of $288.9 million.
Sales at restaurants at least a year rose 10.6 percent, Chief Executive Officer Steve Ells said.
For the year, Chipotle reported net income of $70.6 million, or $2.13 a share, compared with $41.4 million, or $1.28 a share, in 2006. Revenue increased to $1.1 billion up from $822.9 million.
The company opened 37 restaurants in the fourth quarter, up from 35 in 2006.
In 2008, Chipotle expects to grow income at an average annual rate of at least 25 percent despite challenges, Chief Financial Officer Jack Hartung said.
Chipotle released its results after the market closed. Its stock fell $1.05 to $108.66 a share in Thursday trading. After hours, the price fell $15.05, or 14 percent, to $93.60 a share.
———
On the Net: http:
