Boston, MA 10/18/2013 (wallstreetpr) – The rapidly-growing burrito chain, Chipotle Mexican Grill, Inc. (NYSE:CMG) said that in 2013, it expects the momentum of same-restaurant sales to be powerful enough to keep its profits safe from the increasing costs of food products. The company’s Q3 income climbed to $83.4M, or $2.66/share, from the $72.3M, or $2.27/share, that it stood at a year earlier. On an average, analysts had expected the company to report an income of $1.78/share. The company’s restaurant sales that were open for at least 13-months, had risen by 6.2% in comparison to the previous quarter and topped the analyst estimate of 4.7%.
The company cut its full-year guidance for the same-restaurant sales to mid single-digit % growth. Previously, Chipotle Mexican Grill, Inc. (NYSE:CMG) has said that it projected low to moderate single-digit % same restaurant sales-growth in the current year. For 2014, the company has projected low single digit % growth with the exclusion of any menu-price hikes. Analysts are of the opinion that in order to keep its profits intact, it requires mid single-digit % growth.
Thursday’s trading
In Thursday’s trading, Chipotle Mexican Grill, Inc. (NYSE:CMG) rose by 0.23%. The opening price of the shares was $438.60, which was rose to an intraday high of 442.47 and dipped to a close of $439.07. Approximately 0.903 million shares were traded on Thursday while an average volume of 0.340 million shares were traded over a 30 day period. The 52-week low of Chipotle Mexican Grill, Inc (NYSE:CMG) shares is $233.82 and its 52-week high is $447.65. The company has a market cap of $ 13.55billion.
About the company
Chipotle Mexican Grill, Inc. (NYSE:CMG) and all its subsidiaries operate numerous restaurants across the United States. It also has 2 restaurants in Canada and Toronto, & 2 restaurants in London, England. As of 31 December 2011, the company operated 1,230 restaurants.
