Chipotle just reported earnings of $US4.15 on comparable store sales that grew 19.8%.
Expectations were for earnings per share of $US3.83 with comparable store sales expected to rise 17.2%, according to data from Bloomberg.
Chipotle also reported revenue of $US1.08 billion, which compares to expectations for $US1.06 billion.
With its last quarterly report, Chipotle said that it expected full year comparable store sales growth in the mid-teens with plans to open 180-195 new stores this year.
On Monday, Chipotle affirmed both of these outlooks.
In 2015, the company expects to open 190-205 new restaurants and sees comparable store sales rising by low to mid-single digits.
In its earnings announcement, Chipotle said food costs were 34.3% of revenue, an increase of 0.7%, driven by increased prices for beef, avocados, and dairy, partially offset by the menu price increase.
The company added that restaurant level operating margin was 28.8% in the quarter, an increase of 2% from the third quarter of 2013. The increase was primarily driven by favourable sales leverage, partially offset by higher food costs, primarily for beef, avocados and dairy.
In after hours trade following the results, shares of Chipotle were down more than 1%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.