A slumping economy apparently can’t stop people from buying burritos.
Denver-based Chipotle Mexican Grill’s first quarter earnings rose 47 percent to $25.4 million compared to $17.3 million a year ago.
Chipotle said the 16 percent higher revenue figure was due both to 26 new restaurants opening in the quarter, bringing the total to more than 860, and to a 2.2 percent rise in same-store sales.
The restaurant’s revenue rose to $354.5 million during the quarter from $305.3 million a year ago.
Chipotle, which was once a unit of McDonald’s Corp., went public in 2006.