POSTED: Wednesday, July 23, 2014 - 5:00am
UPDATED: Wednesday, July 23, 2014 - 5:14am
Chipotle shares are trading an all-time high of $647 after hours
NEW YORK (CNNMoney) — Forget buying burritos and tacos at Chiptole, purchase the company's stock.
Chipotle shares soared in extended trading Monday after the restaurant chain released a blockbuster quarterly report.
The Denver-based burrito maker said it earned $3.50 per share in the second quarter. It was expected to have made $3.09 per share, according to estimates from FactSet. That's "muy caliente" on Wall Street.
Chipotle shares jumped over 8% in extended trading, rising to a new all-time high above $640 (in other words, the stock now costs as much as roughly 80 burritos).
The results come after Chipotle announced plans in April to hike menu prices for the first time in three years.
Like many companies in the food industry, Chipotle has been paying higher prices for key ingredients. Specifically, prices for steak, cheese and avocados have all risen sharply this year due to bad weather in many parts of the country.
Yet burrito lovers digested the price hikes without missing a bite. Revenue rose 28% to $1.05 billion, surpassing analysts' estimates, as higher prices boosted the top line.
The price hikes also haven't taken a toll on store traffic. Same-store sales, a key measure of growth, increased 17% in the second quarter. That was one of the strongest quarterly sales rates in Chipotle's history as a public company, according to CEO Steve Ells.