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Chipotle Climbs After Hiking Menu Prices and Projecting Growth

Chipotle Mexican Grill Inc. said it implemented price hikes across its menu and projected restaurant sales growth, sending shares of the burrito chain higher on Tuesday.

Speaking at an event hosted by Baird, Chief Executive Officer Brian Niccol said the company expects average annual unit sales to rise to $3 million to $3.5 million in the near term, compared to the recently reported level of $2.4 million. Chipotle also confirmed to Bloomberg News in an email that it raised prices across the menu by as much as 4% last week.