Chipotle beats earnings as price hikes help offset higher food costs

) reported its third quarter earnings results on Thursday after the market close, beating estimates on its earnings and same-store sales.Revenue grew 11% to $2.47 billion as same-store sales increased 5%, slightly higher than estimates of 4.37%. The company also posted a bottom-line beat, with adjusted earnings per share coming in at $11.36, compared to the $10.51 expected by analysts.in mid-September, a fan favorite in 2019.

Increasing food cost, including higher prices for beef and queso, were offset by price hikes taken last year. This comes after the company announced plans toWhile the company hasn't said when or how much prices will change, many on the street speculate it will be roughly a 3%-3.5% increase in the middle of Q4 when an updated menu typically comes out.remains intact. It's expecting restaurant sales growth in the mid to high-single digit range for Q4, per its guidance.

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