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Chipotle Traffic Jumps Even After Price Increase | Fox Business

Chipotle Mexican Grill Inc (CMG), one of the top-performing U.S. restaurant operators, on Monday reported a nearly 26 percent jump in quarterly profit after traffic to the burrito chain surged despite a menu price increase.

Based on last quarter’s gains, Chipotle raised its forecast for same-restaurant sales growth, calling for an increase in the mid-teen percentages, versus its prior target for a high-single-digit percentage increase.

Chipotle’s second-quarter net income grew to $110.3 million, or $3.50 per share, from $87.9 million, or $2.82 per share, a year earlier.

Revenue increased almost 29 percent to $1.05 billion.

Chipotle raised prices during the second quarter to help offset higher costs for ingredients like beef, avocados, and dairy. While more people ate at the chain, some diners did switch from pricey beef to lower-cost chicken, executives said.

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Chipotle Traffic Jumps Even After Price Increase.