NEW YORK — Chipotle Mexican Grill Inc.’s fourth-quarter earnings soared 86 percent as the burrito chain continued to fatten margins and drive sales growth with new stores. The results shattered Wall Street expectations.
Chipotle has been one of the spicier performers among “fast-casual” restaurants during the downturn. The company is looking to expand into Europe, with a London location set to open in April and sites being scouted in Paris and some German cities.
Chipotle is readying a new marketing campaign set to debut in the second quarter and a loyalty program that both rewards customers and emphasizes its corporate mantra of “Food With Integrity,” co-chief executive Steve Ells said on Thursday’s earnings call.
The restaurant company reported earnings of $31.6 million, or 99 cents a share, compared with $17 million, or 52 cents a share, a year earlier. Revenue jumped 12 percent to $387.5 million as same-store sales rose 2 percent.
Analysts polled by Thomson Reuters were looking for earnings of 81 cents a share on revenue of $388.2 million.
Chipotle opened 45 restaurants in the quarter, putting its count at 956 as of Dec. 31. The company plans to open 120 to 130 stores this year.
Formerly a unit of McDonald’s Corp., Denver-based Chipotle was founded in 1993 and went public in January 2006.
