Wednesday, February 13, 2013

Chipotle price-hikes expected by mid-year

From Nation's Restaurant News
Chipotle Mexican Grill Inc. indicated during an earnings call on Tuesday that it would likely increase menu prices midyear to offset rising commodity costs.

After reporting a 6.8% increase in profits for the fourth quarter ended Dec. 31, Jack Hartung, Chipotle’s chief financial officer, said commodity inflation hit “harder and faster than expected.”

Though food inflation leveled off a bit in December and is expected to moderate over the next few quarters, Hartung said menu price increases would likely be warranted for the 1,410-unit chain this year. The amount and exact timing of the increase has not yet been determined.
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