Chipotle Mexican Grill, Inc. (CMG) served up its first quarter (1Q) earnings results for fiscal 2014 (FY14) yesterday, just before the markets opened. The fast-casual chain of restaurants delivered somewhat mixed results, beating expectations for revenues and missing consensus estimates for earnings. For the quarter that ended March 31, Chipotle’s net income rose 8% year-to-year (YoY) to $83.1 million. Per-share earnings (EPS) for the Denver, Colorado-based chain were up 7% in the same period to reach $2.64, missing consensus estimates of $2.86 a share. Revenues for the quarter increased 24% to reach $904 million, ahead of the Street’s estimates of $874 million. Soaring costs of several food commodities were a drag on profitability, and the company announced that it was hiking prices for the first time in three years. Despite the mixed results, the management was upbeat about the positive sales growth during the quarter. Comparable same-store sales growth for the company came in at a very favorable 13.4% YoY, and was higher than the 9% growth that Chipotle recorded in 4QFY13. "We are delighted that more and more people are choosing to visit our restaurants every day, allowing us to deliver double-digit comps during the quarter," said Chipotle co-CEO and founder Steve Ells.