DENVER — Comparable-store sales at Chipotle Mexican Grill restaurants increased 2.2 percent in the company's first quarter, ending March 31, the company has announced. Comparable-store sales growth was due to the impact of menu price increases implemented in the fourth quarter of 2008, partially offset by a decline in customer visits.
Revenue for the first quarter increased 16.1 percent to $354.5 million from $305.3 million in the first quarter of 2008. Chipotle officials attributed the growth in revenue to 26 new restaurants not in the comparable base and the increase in comps during the quarter.
Net income for the quarter was $25.4 million, up 46 percent compared with $17.3 million in the first quarter of 2008.
"We are pleased with the results for the quarter, though we continue to remain cautious about the economy and consumer spending as we look forward," said Jack Hartung, Chipotle's chief financial officer. "We will continue our expansion plans and position ourselves to be in a stronger competitive position when we exit the recession than when it began."
For the full year 2009, Chipotle officials expect full year comparable store sales increases in the low single digits and 120-130 new restaurant openings.
