Chipotle Mexican Grill posts increase in 1Q income

By Associated Press April 23, 2008 Comments (0)

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Chipotle Mexican Grill Inc. says its profit rose 39 percent in the first quarter as sales at restaurants open for at least a year rose 10 percent.

The Denver-based fast-casual dining chain also reiterated its forecast of a 25 percent increase in earnings during 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.

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