Chipotle's profit rises on stronger sales
NEW YORK (AP) -- Chipotle says 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. That's 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.