Chipotle says price hikes lift revenue as customer visits slip
Chipotle Mexican Grill on Tuesday reported quarterly earnings that topped analysts' expectations on the strength of its latest round of menu price hikes.

CEO Brian Niccol said the company saw "minimal resistance" to higher menu prices during the quarter, although transactions declined 1%. Even with the price hikes, he noted the average price for a chicken burrito bowl, which accounts for about half of U.S. orders, is still under $9.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings per share: $9.51 adjusted vs. $9.21 expected

Revenue: $2.22 billion vs. $2.23 billion expected

Net sales rose 13.7% to $2.22 billion from the year-earlier period, fueled by same-store sales growth of 7.6% and new store openings. Analysts surveyed by StreetAccount were projecting a same-store sales increase of 7.3%.

Like other restaurant companies, Chipotle has been raising menu prices as it pays more for ingredients. The chain has said that lower-income consumers have been visiting less frequently, but that most of its customer base is in a higher-income bracket. That trend accelerated this quarter, denting the company's traffic.