News
Chipotle comps, revenue increase
October 30, 2007
DENVER — Chipotle Mexican Grill comparable store-sales increased 12.4 percent for the third quarter ended Sept. 30, 2007, the company has announced.
Revenue for the quarter increased 35.6 percent, up to $286.4 million for the period from $211.3 million reported for the same period last year.
"Our strong third-quarter results give us confidence that we are on the right track in pursuing our vision to change the way the world thinks about and eats fast food," said Chipotle founder, chairman and CEO Steve Ells. "Our customers appreciate our investment in Food With Integrity. Higher quality ingredients not only mean their food tastes better, but they can be confident that we will continue to seek ingredients that are raised with respect for the animals, the farmers and the environment."
During the quarter, Chipotle removed the growth hormone rBGH from cheese in 90 percent of its restaurants. Additionally, about 80 percent of its locations serve naturally raised chicken and nearly half serve naturally raised beef.
Chipotle opened 28 restaurants during the third quarter.
Chipotle comps for the nine months ended Sept. 30 increased 10.9 percent, the company also reported.
Revenue for the period increased 32.1 percent to $796.9 million, up from $603.2 million for the same period last year.
Net income increased 73.4 percent to $53 million, compared to $30.6 million reported for the same period last year.
Chipotle opened 88 restaurants during the period.
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