Chipotle Mexican Grill ended both its fourth quarter and the full year with same-store sales increases over 11 percent, the company said Wednesday.
For the fourth quarter ended Dec. 31, Chipotle reported profit up 23.7 percent. Net income for the quarter was $57.5 million, or $1.81 per share, compared with $46.4 million, or $1.50 per share, the same quarter last year.
Revenue was up 23.7 percent for the quarter to $596.7 million, with same-store sales up 11.1 percent.
For the year, Denver-based Chipotle reported net income of $214.9 percent, or $6.76 per share, an increase of more than 20 percent over the $179.0 million, or $5.64 per share, recorded in fiscal 2010.
Revenue was up 23.6 percent to $2.27 billion, and same-store sales for the year rose 11.2 percent.
Despite higher food costs, Steve Ells, founder, chair and co-chief executive of Chipotle, said the company’s success was rooted in the chain’s commitment to quality ingredients.
“During 2011, we remained focused on our mission to change the way the world thinks about and eats fast food, while continuing to strengthen our people culture and our unit economic model,” Ells said in a statement. “Our success is rooted in serving great tasting food, and it has been since Day One. Our sourcing of food made from the finest ingredients, which is raised with respect for the animals, the environment and the farmers, is at the heart of that effort.”
During the fourth quarter, 67 new restaurants opened for a total of 1,230.
For 2012, the company is planning to open 155 to 165 new restaurants.
Same-store sales for 2012 are projected to grow by mid-single digits, and the company said food costs also are expected to grow by mid-single digits from the fourth quarter level.