Chipotle Diners, Unfazed by Pricier Fare, Drive Outlook Bump
- Company has seen ‘good traffic’ in October, CEO Niccol says
- Earnings per share outpace Wall Street’s expectations
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Chipotle Mexican Grill Inc. shares rose after sales beat expectations and the burrito chain forecast an acceleration in the fourth quarter even after raising prices.
Same-store sales — a gauge of how restaurants open for more than year are performing — rose 5% in the third quarter, more than the 4.4% analysts polled by Bloomberg had anticipated. For the fourth quarter, the company is anticipating a more aggressive expansion clip, guiding to a mid- to high-single-digit range.