Traffic Jump Boosts Chipotle Restaurant Sales, Stock Soars
Chipotle Mexican Grill on Thursday said an increase in customer visits contributed to bigger-than-expected growth in quarterly sales at established restaurants, and its shares rose nearly 10 percent in extended trading. According to Thomas Reuters, net income increased nearly 30 percent to $79.6 million, or $2.53 per share, matching analysts’ average estimate. Food costs were 33.9 percent of revenue, an increase of 40 basis points, due mostly to higher avocado costs, but also to costs for tomato and corn salsa.
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