Strong 3Q for Chipotle

Chipotle Mexican Grill Inc. (Denver) reported revenue increased 23 percent to $476.9 million and comparable restaurant sales grew 11.4 percent for the third quarter ended September 30, 2010.

For the nine months ended September 30, the restaurant chain says revenue was up 19.7 percent to $1.35 billion and comparable restaurant sales have grown 8.3 percent.

“We’re delighted that our continuing efforts to serve the very best food made from high quality ingredients raised with respect for the animals, the environment, and the farmers are resonating with our customers, allowing us to deliver double digit comps during the quarter,” says founder, chairman, and co-ceo Steve Ells. “Our focus on strengthening our food culture, our people culture and our business model is resulting in even stronger customer loyalty and allowing us to deliver industry leading financial results.”

During the quarter Chipotle opened 22 new restaurants, bringing its restaurant count to 1023 locations. For the remainder of the year, the company plans to open 120 to 130 new locations and report high single digit comparable restaurant sales growth.