Same-store sales are climbing 19 percent to 20 percent this
quarter, lifted by higher foot traffic, an increase in prices
and a push into catering, Steven Gojak, an analyst at Cleveland
Research Co., said today in a report. Analysts on average have
predicted growth of about 15 percent in the period, according to
data compiled by Bloomberg.

“Traffic trends have held fairly steady so far in the
third quarter and we do not believe there has been any
meaningful pushback on the company’s recent menu price
increase,” the Cleveland-based analyst said in the report.

Younger diners are flocking to the Mexican chain in search
of healthier options and the ability to customize their meals.
Chipotle, based in Denver, also has been adding catering
services to its stores and accelerating new restaurant growth to
help boost sales. Last month, the chain reported second-quarter
earnings that topped analysts’ estimates, while revenue rose 29
percent to $1.1 billion.

The stock advanced 0.4 percent to $681.07 at the close in
New York, after gaining as much as 2.9 percent to $697.93 for a
record intraday high.

Chipotle has climbed 28 percent this year, compared with a
0.4 percent decline for the Standard & Poor’s 500 Restaurants
Index, which includes chains such as McDonald’s Corp. and Darden
Restaurants Inc.

Chipotle, which has about 1,680 restaurants, recently
raised U.S. menu prices by 6.25 percent to 6.5 percent, on
average. The company is seeing higher costs for key ingredients
including beef, avocados and dairy.