WASHINGTON (dpa-AFX) - Chipotle Mexican Grill, Inc. (CMG) reported that its first-quarter net income increased to $83.07 million or $2.64 per share from $76.58 million or $2.45 per share, previous year. The company noted that its first quarter of prior year benefited by about $.10 per share related to 2012 tax credits.
On average, 27 analysts polled by Thomson Reuters expected the company to report profit per share of $2.86 for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $904.16 million from $726.75 million. Analysts expected revenue of $873.83 million for the quarter. Comparable restaurant sales increased 13.4%.
Comparable restaurant sales growth was driven primarily by increased traffic and to a lesser extent by an increase in average check and the benefit of one additional trading day in the quarter as compared to the first quarter of 2013, the company said.
For 2014, the company expects high single digit comparable restaurant sales increases, excluding any menu price increase.
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