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January 16, 2013
05:16 EDTCMGChipotle CEO says food costs rose faster than expected, should level off in 2013
"We are pleased with our top line revenue growth, as we opened a record number of new restaurants in 2012, and underlying comparable transaction growth continued during Q4. While food costs driven by underlying inflation increased faster than expected in Q4, we're optimistic that food inflation will level off in 2013. We are confident in our ability to continue to drive attractive top line sales growth in 2013 through a combination of new restaurant growth, and by having teams of empowered top performers providing an extraordinary dining experience for our customers," said Monty Moran, co-CEO of Chipotle.
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