Chipotle boosts prices

Chipotle Mexican Grill raised prices at about 440 of its locations in an attempt to shore up profit, a move that marks its first major increase since a food-safety crisis crushed sales in late 2015.

The restaurants, which represent about 20 percent of Chipotle's total chain, boosted prices by about five percent on average on April 11, according to spokesman Chris Arnold.

No plans have been announced to charge higher prices at all of the company's 2,200 Chipotle locations.

'The increase is our first in about three years and was implemented to help offset labor and food inflation,” Arnold said. 'Even with the new prices, our pricing remains very competitive, particularly if you factor in our ingredient quality.”

Still, the price hike may bring another obstacle to Chipotle's efforts to win back customers. In the wake of foodborne-illness outbreaks in 2015, the company has offered free food, rolled out new ad campaigns and continued a push toward higher-quality ingredients.

Through it all, the chain's same-store sales have continued to slide. The drop in the most recently reported quarter was 4.8 percent.

In recent weeks, however, investors have grown more optimistic Chipotle may have reached a turning point its comeback. The shares have gained 24 percent this year.

The broader restaurant industry is grappling with higher employee costs and a tightening labor market. Unemployment fell to just 4.5 percent in March, according to the Bureau of Labor Statistics.