Chipotle Mexican Grill Inc. indicated during an earnings call on Tuesday that it would likely increase menu prices midyear to offset rising commodity costs.[Go here for the full story.]
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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