Chipotle Boosts Q3 Profit 77 Pct

DENVER (AP) — Chipotle Mexican Grill Inc. said its third quarter profit climbed almost 77 percent, thanks in part to the addition of new restaurants.

The burrito eatery earned $34.5 million, or $1.08 per share, during the three months that ended Sept. 30. That's up from a profit of $19.5 million, or 59 cents per share, during the same period last year.

Revenue climbed almost 14 percent to $387.6 million, up from $340.5 million one year ago.

Analysts surveyed by Thomson Reuters expected the restaurant chain based in Denver to earn 88 cents per share on revenue of $388.2 million.

Chipotle operated more than 900 stores at the end of the third quarter, and is on pace to have about 130 more restaurants this year than it had one year ago. It expects to open a similar number of restaurants in 2010.

Meanwhile, the company said sales in stores open at least a year, a key measure of restaurant health, rose 2.7 percent.

Chipotle shares climbed $4.04, or 4.7 percent, to $89.52 in trading Thursday. Its shares dipped slightly in after-hours activity.