Chipotle Mexican Grill (CMG) seems to be managing just fine despite higher�input costs.�After an initial dip, shares rose sharply�during late trading after the Mexican restaurant chain blew past consensus estimates as robust sales at established restaurants offset rising food costs.
�The stock rose 3.6%, or $11.05 a share to $318.96�a share during�after-hours trading. The stock closed today at $307.91, having risen 44% since the start of the year, making it one of the S&P 500 index’s best performing concerns.
�After the closing bell, Chipotle posted third-quarter earnings of $1.90 a share, topping the Street�s projections by 6 cents a share. Revenues also beat expectations, climbing 24% to nearly $592 million.
�Closely watched sales at restaurants open at least 13 months rose 11.3%, fueled by higher customer traffic and higher menu prices.
�Chipotle now sees comparable restaurant sales for 2011 rising at a pace in the low double digits, up from previous forecasts calling for high single- to low double-digit year-over year gains. And next year, the company expects same-store sales growth to be in the low single digits.
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