More Buck for your Burrito

Chipotle Mexican Grill posted its first profit decline since going public in 2006 on Wednesday, as it battled higher ingredient costs and a slowing U.S. economy. The restaurant operator said sales were still positive but growth has slowed. The quarterly results from Denver-based Chipotle, a former Wall Street darling, comes amid worries financially stressed consumers will skip even more restaurant visits as they weather a housing slump, credit crisis and rising unemployment. "These tough economic times make it harder for customers to afford to eat out," Monty Moran, president, said during a conference call. "We know that some of our customers are forced to visit us a little less frequently than they were a year ago." Chipotle, known for serving premium-priced naturally raised meat, said third-quarter net income fell to $19.5 million, or 59 cents per share, from $20.6 million, or 62 cents per share, a year earlier. Chipotle said it plans to raise prices in the fourth quarter.

ISF: Yeah, that's interesting. You want to increase sales, yet you increase prices. Hey, Monty--don't you think people will be LESS inclined to dine at your restaurants if they see that they're not getting the value they're used to? Just a thought from someone who's NOT a company president, but understands the value of his dollar and would rather see it go towards something of more importance in HIS life than YOUR salary and bonus this year.