Colorado

Apr 17, 2014 8:46 AM by Bob Grotenhuis

Earnings Up for Denver-based Chipotle

DENVER (AP) - Mexican food chain Chipotle's first-quarter net income rose 8 percent as higher costs offset a sales surge as more customers bought its burritos and other fare.

Shares rose more than 2 percent in premarket trading.

Higher costs for food beef, avacados and cheese as well as higher litigation costs ate into profit and earnings missed expectations.

The Denver company says for the three months ended March 31, net income rose to $83.1 million, or $2.64 per share. That's up from $75.6 million, or $2.45 per share, last year. Analysts expected $2.86 per share.

But revenue climbed 24 percent to $904.2 million from $726.8 million a year ago. Analysts expected revenue of $872.9 million. Revenue in stores open at least one year rose 13.4 percent.

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