Chipotle’s Profit More Than Doubles as Chain’s Burritos Get Pricier
Chipotle Mexican Grill Inc. said higher menu prices helped boost its profit as the burrito chain deals with increased labor and commodity costs.
The Newport Beach, Calif.-based company said Thursday its quarterly net income more than doubled from the same quarter a year earlier, rising to $204.4 million. Sales totaling $1.95 billion established a quarterly record, up 22% from the previous year’s period. Chipotle reported earnings adjusted for one-time items of $7.02 a share, with sales and earnings topping analysts’ expectations.
