Chipotle's profit rises on stronger sales - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Chipotle's profit rises on stronger sales

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Chipotle said its profit rose 15 percent in the third quarter as more customers flocked to its restaurants for burritos, tacos and bowls.

The Denver-based company said sales at restaurants open at least a year, a key metric, rose 6.2 percent in the period.

For the quarter, Chipotle Mexican Grill Inc. earned $83.4 million, or $2.66 per share, up from $72.3 million, or $2.27 per share, a year ago. Analysts expected $2.78 per share.

Revenue rose 18 percent to $826.9 million, topping the $820.3 million analysts expected.

Chipotle, which has more than 1,500 locations, has surged in popularity because customers see it as being a step up from traditional fast-food chains such as Burger King and Wendy's.

Its stock rose almost 2 percent in after-hours trading.

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