Chipotle's third quarter 2010 earnings continue to add fire to the already hot restaurant chain.
For the quarter, Chipotle's same-store sales increased 11.4 percent over the previous quarter. For the first nine months of the FY 2010 reporting period, same-store sales increased 8.3 percent for the chain.
The comps growth helped fuel a Q3 revenue increase of 23 percent to $476.9 million. For the nine-month period, revenue increased 19.7 percent to $1.35 billion.
Net income for the quarter was reported at $48.2 million, a 39.9 percent increase over the same period last year. Year-to-date, net income increased to $132.5 million, or 39.1 percent.
"We're delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps during the quarter," said founder, chairman, and co-CEO Steve Ells. "Our focus on strengthening our food culture, our people culture and our business model is resulting in even stronger customer loyalty and allowing us to deliver industry leading financial results."
During the third quarter, Chipotle opened 22 new restaurants, bringing the total restaurant count to 1,023.
Year-to-date, Chipotle has opened 67 restaurants, including its first two international locations: one restaurant in London and one in Toronto.
"Our strong people culture continues to drive our success in attracting loyal customers and delivering exceptional results. Our restaurant teams are ambitious, passionate, and dedicated to delivering the best dining experience possible, while developing talented future leaders from crew. Our restaurateurs and restaurant managers who aspire to become restaurateurs are committed to hiring and developing top performers to achieve high standards in our restaurants every day," Monty Moran, Co-CEO, said.
For 2010, Chipotle is anticipating a total of 120-130 new restaurant openings and high single-digit comps growth.
In 2011, the company is anticipating the opening of 135-145 new restaurants and low single-digit comps growth.
