Chipotle has announced that they’ll be raising their prices by 3% – 5% per menu item starting in the next few weeks. This will be their first price increase in three years.
According to Chipotle Chief Financial Officer John Hartung, the price of steak has increased 25 percent in the past three months. Additionally, cheese and pork prices are also said to increase this year.
Overall, Chipotle did pretty well for the quarter. The company reported a profit of $83.1 million compared to $76,6 million a year earlier and revenues jumped 24% to $904.2 million. They also have plans to open 180-195 more locations this year. However, executives say that rising food costs are taking a hit on their profits, so they need to raise their prices.
So you guys better hurry up and head to your nearest Chipotle while those prices last!