Chipotle 2Q profit jumps 23 percent

Burrito chain Chipotle Mexican Grill Inc. said Wednesday its second-quarter profit rose about 23 percent as sales climbed at both new and established restaurants due to higher prices and more customers.

For the quarter ended June 30, net income jumped to $24.5 million, or 74 cents per share, from $20 million, or 60 cents per share, in the prior year quarter.

Analysts polled by Thomson Financial expected profit of 75 cents per share.

Revenue increased 24 percent to nearly $340.8 million from $274.3 million in the second quarter of 2007. Analysts anticipated revenue of $343.9 million.

Same-store sales, or sales at locations open at least a year, climbed 7.1 percent for the quarter.

Same-store sales is a key indicator of restaurant performance since it measures growth at existing locations rather than newly-opened ones.

The company said its sales were helped by increases in menu prices and more customers. Many restaurant chains have had to boost prices due to soaring commodity and labor costs.

Chipotle said it expects its same-store sales to rise in the mid-single digits for 2008. The company also said it plans to open 130 to 140 new restaurants during the year.

Shares fell $3.30, or 3.9 percent, to $80.50 in electronic after-hours trading. During regular trading, shares rose $2.14 to close at $83.80.