Chipotle Profit Beats on Traffic, Price Increases

Retail Reuters

Chipotle Mexican Grill reported quarterly profit that beat Wall Street forecasts as sales at established restaurants topped analysts' views, helped by more customer visits and last year's menu price increases.

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The upscale burrito chain's first-quarter net income rose to $62.7 million, or $1.97 per share, from $46.4 million, or $1.46 per share a year earlier.

Analysts, on average, were looking for a profit of $1.93 per share, according to Thomson Reuters I/B/E/S.

First-quarter revenue rose almost 26 percent to $640.6 million, topping analysts' average estimate of $630.9 million.

Sales at restaurants open at least 13 months were up 12.7 percent, blowing past the 10.5 percent rise expected by analysts polled by Thomson Reuters.

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