Shares were surging 9% to $646.02 in after-hours trading after the Denver-based chain reported that second-quarter profit rose 25%, far exceeding Wall street analyst expectations. Chipotle, in a statement, said that comparable restaurant sales were some of the strongest it had experienced since going public in 2006. The jump in net income comes after Chipotle began raising menu prices in April.
Net income for the quarter was $110.3 million, or $3.50 a share, exceeding analysts' expectations of $3.08 a share, according to an analyst survey by Thomson Reuters. Revenue rose 29% to $1.05 billion, also beating forecasts. Comparable store sales - those measuring store sales for units open at least a year - rose 17% compared to prediction of a 10.5% increase, according to Consensus Metrix.
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