date:Apr 18, 2014
Chipotle Mexican Grill Inc on Thursday said it will increase menu prices for the first time in nearly three years, fueled by all-time high costs for steak as well increasingly expensive avocados and cheese.
Shares of the popular burrito chain jumped as much as 6.5 percent on top-line results, but retreated 1.4 percent to $544.68 in midday trading after executives said they expect food costs to head even higher.
The Denver-based chain said key sales at established restaurants rose 13.4 percent