NEW YORK — Hungry diners craving a Chipotle burrito may soon have to fork over a bit more cash.
Denver-based Chipotle Mexican Grill Inc. is considering raising its prices to combat high food costs, the company said Friday as it warned investors that the weak economy has hurt its third-quarter results. Its shares dropped more than 20 percent.
Higher ingredient costs have been plaguing many restaurant chains that are also suffering from declining sales in the tough economy.
Chipotle said it was “working on national pricing plans” for the fourth quarter and would release details when it reports its third quarter financial results in October.
The company also said it now expects its third-quarter profit to be lower than a year ago, when it earned 62 cents per share.
Chipotle also said same-store sales, or sales at locations open at least a year, will increase by the low single-digits for the quarter.
