Fast-casual dining chain Chipotle Mexican Grill Inc. said Wednesday its net income jumped 39 percent in the first quarter on double-digit growth in sales at restaurants open at least a year.
The Denver-based company, which sells oversized burritos, tacos and salads, also reiterated its forecast of a 25 percent increase in earnings for 2008.
For the quarter that ended March 31, Chipotle reported net income of $17.3 million, or 52 cents a share. That compares with net income of $12.4 million, or 38 cents a share, in the first quarter of 2006.
Revenue totaled $305.3 million up from $235.5 million in the year-ago quarter.
Analysts surveyed by Thomson Financial, on average, had forecast earnings of 48 cents a share on revenue of $298.4 million.
Chipotle reported a 10 percent increase in sales at stores open at least a year, which is an indicator of performance because it measures growth at existing locations rather than at newly-opened ones.
Chipotle also said it opened 28 restaurants during the quarter to put the total at 28.
Chief Financial Officer Jack Hartung said the chain expects to open between 130 restaurants and 140 restaurants this year.
The results were released after the market closed. Chipotle's stock closed down $3.25, or 2.9 percent, at $109.90 a share in Wednesday's trading.
Terms & Conditions
RSS Headlines
Fool UK