NEW YORK (TheStreet) — Shares of Chipotle Mexican Grill were edging up in late trades Thursday after the restaurant operator topped Wall Street’s expectations for its first-quarter results.
The Denver-based company reported a profit of $62.7 million, or $1.97 a share, on revenue of $640.6 million, up more than 25% from last year. The performance bested the average estimate of analysts polled by Thomson Reuters for earnings of $1.93 a share in the March-ended quarter on revenue of $630.9 million.
Same-restaurant sales surged 12.7% in the quarter, helped by increased traffic and higher menu prices. Restaurant-level operating margins increased by 220 basis points from last year to 27.4%, as the higher sales and lower promotional activity offset food cost increases.
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