First quarter 2010 revenue for Chipotle Mexican Grill Inc. has increased nearly 16 percent to $409.7 billion. Meanwhile, same-store sales increased 4.3 percent for the quarter ended March 31, 2010.
"We're extremely proud of our first quarter results, and we're delighted to see more customer visits to Chipotle after a year where the tough economy impacted us," Founder and Co-CEO Steve Ells said in an earnings release. "These strong financial results only strengthen our commitment to our vision to change the way people think about and eat fast food by serving great tasting food made from higher quality and more sustainable raw ingredients."
The growth in revenue was the result of new restaurants not in the comparable base and the rise in comparable restaurant sales. Comps growth was driven by increased traffic in the quarter.
Meanwhile, net income for the first quarter of 2010 was $37.8 million, or $1.19 per diluted share, compared to $25.4 million, or $0.78 per diluted share, in the first quarter of 2009.
Chipotle also opened 20 new restaurants during the period, bringing the total restaurant count to 976.
For 2010, management expects to open 120-130 new restaurants and mid single-digit comparable restaurant sales growth.