As reported by Bloomberg News, Chipotle Mexican Grill Inc. raised prices at about 440 of its locations in an attempt to shore up profit, a move that marks its first major increase since a food-safety crisis crushed sales in late 2015.
The restaurants, which represent about 20 percent of Chipotle's total chain, boosted prices by about 5 percent on average on April 11, according to spokesman Chris Arnold. There are no plans to charge higher prices at all of the company's 2,200 Chipotle locations.
As Bloomberg News noted, in recent weeks, however, investors have grown more optimistic that Chipotle may have reached a turning point its comeback. The shares have gained 24 percent this year, including an increase of 1.4 percent to $470.34 on Monday.
Source: Bloomberg News