Chipotle: We’ve made it in to the Top 10% of restaurants
Chipotle says its restaurant sales have hit a record high for the fourth quarter and that its net income rose 12% year-over-year.
The chain says it expects to post an operating profit of $7.3 billion for the quarter.
It said the average selling price per meal rose to $7 from $6.26 in the year-ago period.
It also said it expects total revenue to rise by 12% to $31.9 billion.
The stock was up 8% at $1.25, and closed down $1 at $2.47.
Chipotle’s earnings were impacted by strong demand from the U.S., but it is also seeing a significant amount of interest from international customers.
The company said its overseas growth will also see it move more to more urban areas, including cities such as San Francisco, Chicago and New York City.
“The U.K., Germany, Brazil and China are very much driving demand, and that’s helping us get the same kind of growth in the U and U.Y.C.,” CEO Steve Ells said.
“It is a natural and natural trend for a brand like Chipotle.”
Chipotle, which was founded in 1993 in the Mexican city of Monterrey, is known for its tacos and burritos.
The fast-casual chain is expanding to locations in places like Atlanta and Los Angeles.