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Chipotle Approaches Record High $700, Defying Industry Slump

Chipotle Mexican Grill Inc., a burrito chain that’s defying a broader restaurant slowdown, today approached a $700 stock price for the first time on signs that third-quarter sales are growing faster than expected.

Same-store sales are climbing 19 percent to 20 percent this quarter, lifted by higher foot traffic, an increase in prices and a push into catering, Steven Gojak, an analyst at Cleveland Research Co., said today in a report. Analysts on average have predicted growth of about 15 percent in the period, according to data compiled by Bloomberg.