Chipotle Mexican Grill Inc. said higher menu prices helped boost its profit as the burrito chain deals with increased labor and commodity costs.
The Newport Beach, Calif.-based company said Thursday its quarterly net income more than doubled from the same quarter a year earlier, rising to $204.4 million. Sales totaling $1.95 billion established a quarterly record, up 22% from the previous year’s period. Chipotle reported earnings adjusted for one-time items of $7.02 a share, with sales and earnings topping analysts’ expectations.
