Chipotle Tops Analyst Estimates But Flags Higher Costs

Chipotle Mexican Grill Inc. shares declined 1.3% Monday as the fast-casual Mexican chain reported better-than-expected third-quarter profit and flagged higher food costs. Chipotle reported third-quarter earnings of $4.15 a share, compared with analyst expectations of $3.84 a share and up from $2.66 in the same period a year ago. Sales rose to $1.08 billion, compared with expectations of $1.060 billion and $827 million a year ago. Comparable restaurant sales were up 17%, the company said. Chipotle shares have gained 23% in the year to date, while the S&P 500 has gained 3%.