News
Chipotle comps up on price increases
October 22, 2008
DENVER — Comparable-store sales at Chipotle Mexican Grill increased 3.1 percent for the third quarter ended Sept. 30, the company announced. Year-to-date comps are up 6.6 percent.
Comp sales growth was due to the impact of menu price increases associated with the addition of naturally raised meats, Chipotle officials said.
Revenues for the quarter were $340.5 million, a 19 percent increase over revenues of $286.4 million in the 2007 third quarter. Year-to-date revenues were up 24 percent to $986.6 million compared with revenues of $796.9 million for the same period in 2007.
Net income for the quarter was $19.5 million, off 6 percent compared with net income of $20.6 million in the 2007 third quarter. Year-to-date net income was $61.2 million, up 16 percent compared with net income of $53 million for the first nine months of last year.
Chipotle opened 20 restaurants during the third quarter and 97 for the year to date.
Related Media
Subscribe
Get the latest news and resources from Fast Casual.
