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Reports double-digit comp sales for 2Q
Denver-based Chipotle Mexican Grill Inc. reports its revenue grew 22.4 percent to $571.6 million and comparable restaurant sales increased 10 percent for the second quarter ended June 30, 2011.
For the six months ended June 30, 2011, the fast-casual chain’s revenue was up 23.3 percent and comparable sales have grown 11.1 percent.
"We are continuing to focus on our efforts to serve better tasting food, made with ingredients from more sustainable sources, and on building a people culture that delights our customers and allows us to develop the future leaders we will need to support our growth,” says Steve Ells, founder, chairman and co-ceo of Chipotle. “In spite of some cost challenges during the quarter, we continue to believe that our relentless focus on these things, which really drive our business, will allow us to produce great results for our shareholders over the long term,"
During the quarter, Chipotle opened 39 restaurants, bringing its restaurant count to 1131. For 2011, the company expects to open 135-145 restaurants and report high single to low double digit comparable restaurant sales growth for the full year.
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