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☆ Chipotle says its service is much faster now, and it means fewer people are bothering to order ahead
▼ + stars: | 2024-04-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Chipotle's CFO said that says that fewer customers are ordering ahead as its service speeds up. A key metric for the chain is how many entrées each restaurant makes in its peak 15 minutes. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChipotle says that its service is becoming so much speedier that fewer customers are bothering to order ahead on its app. During the pandemic, many fast-food and fast-casual chains rolled out ways for customers to order ahead so that customers could skip the line.

Persons: —, Chipotle, Jack Hartung, Brian Niccol, Niccol, Hartung Organizations: Service, Business, Boston

☆ Chipotle reports big earnings beat, and its shares are jumping
▼ + stars: | 2024-04-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that beat analysts' expectations, fueled by higher traffic to its restaurants. Excluding a 36-cent hit from increases to its legal reserves, the burrito chain earned $13.37 per share. Chipotle said traffic increased 5.4% from the year-ago period, while the average check was up just 1.6%. Chipotle has become the rare restaurant chain to report rising transactions despite higher menu prices. In March, Chipotle's board approved a 50-for-1 stock split, one of the largest in the New York Stock Exchange's history.

Persons: Chipotle, Jack Hartung, Brian Niccol, Chipotle's Organizations: LSEG, burrito, New York Stock Locations: Manhattan , New York, California

☆ Chipotle CFO explains why the chain split its stock for the first time
▼ + stars: | 2024-04-01 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Chipotle Chief Financial Officer Jack Hartung explained why the fast-food chain decided to split its stock for the first time in its 30-year history in an interview with CNBC's Jim Cramer. Hartung said the company wanted to make shares more accessible to employees and increase liquidity for investors. "We study this every year or so, we have our bankers come in, we talk about the pros and cons of doing the split," Hartung said. Chipotle in late March proposed a 50-for-1 stock split, meaning shareholders will gain 49 shares for every one they already own. Investors care more about Chipotle's growth and results than the stock split, according to Hartung.

Persons: Jack Hartung, CNBC's Jim Cramer, Hartung, Chipotle Organizations: CNBC

☆ Our largest investors are 'happy' with stock split, care about growth and results, says Chipotle CFO
▼ + stars: | 2024-04-01 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur largest investors are 'happy' with stock split, care about growth and results, says Chipotle CFOJack Hartung, Chipotle CFO, joins 'Mad Money' host Jim Cramer to talk its recent stock split announcement, opening new restaurants, consumer trends and more.

Persons: Jack Hartung, Jim Cramer

☆ Chipotle says California customers will soon be paying more for their burritos
▼ + stars: | 2024-02-08 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Chipotle customers in California should brace themselves for higher menu prices this year. The law will put fast-food workers' wages up to $20 an hour from April. Minimum wages for California fast-food workers will increase to $20 an hour in April under a law signed by Gov. The new legislation, known as AB 1228, won't just bring a wage increase in April. Chipotle, which has roughly 115,000 workers, spent $2.44 billion on labor in 2023, up about 11% from the previous year.

Persons: Chipotle's, —, Jack Hartung, Gavin Newsom, Hartung, Laurie Schalow, Chipotle, Chris Kempczinski, Brian Niccol Organizations: Service, Gov Locations: California, —

☆ Chipotle’s Labor Costs Are Rising. Customers Will See It in Pricing.
▼ + stars: | 2023-11-01 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: 1 min

A law in California raising the hourly minimum wage for fast-food workers to $20, starting in April, will increase Chipotle’s labor costs in the state on average by 15% to 20% next year. Photo: Justin Sullivan/Getty ImagesChipotle Mexican Grill is expecting a significant bump in labor costs next year because of a new law in California. Starting in April, minimum wage for fast-food workers in California will increase to $20 an hour, up from the state’s current hourly minimum wage of $15.50. The law applies to fast-food chains with at least 60 national locations and will come as the state’s minimum wage is set to rise to $16 an hour in January. Chipotle currently pays California workers in the high teens, around $17 to $18 an hour, said Chief Financial Officer Jack Hartung.

Persons: Justin Sullivan, Chipotle, Jack Hartung Locations: California

☆ McDonald's, Chipotle to raise menu prices in California next year as fast-food wages rise to $20
▼ + stars: | 2023-10-30 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

McDonald's and Chipotle Mexican Grill will raise their menu prices in California next year to offset the state's minimum wage increase for fast-food workers, executives said as both chains announced quarterly earnings in recent days. McDonald's has not decided how much it will hike prices in California as workers' wages rise to $20 an hour, CEO Chris Kempczinski said Monday. Restaurants have been hiking menu prices for more than two years in response to rising ingredient and labor costs. Unlike Chipotle, which owns the overwhelming majority of its locations, most of McDonald's California locations are run by franchisees. "We believe we're in a better position than our competitors to weather this, so let's use this as an opportunity to actually accelerate our growth in California," Kempczinski said.

Persons: McDonald's, Chris Kempczinski, Chipotle, Jack Hartung, Hartung, Kempczinski Organizations: U.S . Bureau of Labor Statistics, McDonald's, National Owners Association, U.S, CNBC Locations: California, McDonald's, McDonald's California, McDonald's U.S

☆ Chipotle says it's going to hike prices to help pay for new $20 per hour wage hike for workers in California
▼ + stars: | 2023-10-27 | by ( Grace Dean | Nancy Luna | ) www.businessinsider.com time to read: +4 min

Chipotle separately just raised menu prices by 3%. Minimum wages for fast-food workers in the state will increase to $20 an hour in April 2024 under a new law signed by Governor Gavin Newsom. California's current minimum wage is $15.50 and it's set to rise to $16 in January – more than double the federal minimum wage of $7.25. Chipotle execs said during the company's earnings call on Thursday that it had recently raised menu prices by 3%. Chief Financial and Administrative Officer Jack Hartung told investors that this month's hike "does not consider any part of the California wages that'll happen next year."

Persons: Chipotle, hasn't, —, Gavin Newsom, Chipotle execs, Jack Hartung, Hartung, Erin Wolford, Newsom Organizations: Service, Consumer Locations: California, Chipotle

☆ 3 trends are dividing restaurant companies into winners and losers
▼ + stars: | 2023-08-18 | by ( Amelia Lucas | ) www.cnbc.com time to read: +5 min

In this article CMGMCDWENPZZA Follow your favorite stocks CREATE FREE ACCOUNTA McDonald's restaurant near Times Square, NYC on July 29th, 2023. Adam Jeffery | CNBCRestaurant companies navigating some of the same challenges in the second quarter fell into two categories: winners and losers. While most restaurant companies crushed earnings expectations, a number of them fell short of Wall Street's estimates for their quarterly revenue. McDonald's and Wingstop both reported second-quarter earnings, revenue and same-store sales growth that topped analysts' expectations, a rarity this quarter for restaurant companies. One fast-casual chain has struggled with consumers' value perception.

Persons: Adam Jeffery, hasn't, Papa John's, TD Cowen, Andrew Charles, Burger, Wendy's, Jeffrey Bernstein, bode, Chris Kempczinski, Todd Penegor, Wingstop, Michael Skipworth, Chipotle, Jack Hartung, Noodles Organizations: CNBC Restaurant, Promotions, Investors, CNBC, Restaurant Brands, Barclays, Company Locations: NYC, Chipotle, Texas

☆ Chipotle says customers can't get enough of its Chicken al Pastor – and it means it's having to spend less on pricier beef
▼ + stars: | 2023-07-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Chipotle says its limited-edition Chicken al Pastor is boosting sales and attracting new customers. Chicken al Pastor was added to its menus in March, and according to CEO Brian Niccol, one in five customer orders at the chain now include the protein. "We've got a benefit because Chicken al Pastor has really shifted some of our customers from the more expensive beef into the less expensive chicken," CFO Jack Hartung said in an earnings call on Wednesday. Chicken al Pastor isn't just cheaper for Chipotle to make, it's also helping to attract new customers, the company said. Plus, it was a fairly straightforward dish to launch because it's made using Chipotle's existing adobo chicken, which is then mixed in an al pastor marinade.

Persons: Chipotle, al, –, al Pastor, Brian Niccol, We've, Jack Hartung, Price, isn't, it's, marinade, morita, Niccol Organizations: Service, Bureau for Labor Statistics Locations: Wall, Silicon, Canada, Germany, France

☆ Chipotle is becoming a huge hit in small towns, and it's hurting chains like Chick-fil-A, McDonald's, and Texas Roadhouse
▼ + stars: | 2023-07-19 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

Now, it's expanding to small towns and hurting chains like Chick-fil-A, according to Placer.ai. Popular steak house chain Texas Roadhouse, which is 1.6 miles from the new Chipotle, saw year-over-year traffic slide by 5.27% in April and by 3.92% in May 2023. A Chick-fil-A less than a mile from Chipotle, saw foot traffic decrease four out of five weeks in May, Placer.ai reports. "I don't see how Chipotle's brand can transfer to small towns." Chipotle isn't betting all of its growth on small towns.

Persons: Chipotle, Placer.ai, Jack Hartung, Tim Powell, Zers, Powell Organizations: Service, Wall Street, Placer.ai, Texas, X Locations: Wall, Silicon, Chipotle, America, Texas, San Angelo , Texas, The Texas, McDonald's, Covington , Louisiana, Camden , Delaware, Washington, Canada, France, Germany

☆ Why Prices, Inflation Are Still Soaring: Corporate Price Gouging
▼ + stars: | 2023-05-02 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +16 min

While many of the problems that helped trigger the upward spiral have abated, prices are still high and getting higher. The idea that companies are taking advantage of disruptions to push price increases on consumers has many names — greedflation, excuseflation, price gouging, corporate profiteering — but the gist is the same. Supply-chain issues and other disruptions made sense as drivers of higher prices, Chris Becker, a senior economist and the associate director of policy and research at the Groundwork Collaborative, told me. "Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge." Working people are suffering thanks to corporate greed, so we need to enact tougher rules to ensure corporations pay a price when they price gouge.

April 25 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) topped Wall Street expectations for first-quarter profits and sales on Tuesday, helped by higher menu prices, 41 new restaurant openings and some recovery among lower-income customers. The company said it expects second quarter and full year comparable sales growth in the mid-to-high single digits. Even with inflation squeezing household budgets, restaurant chains are expected to post higher sales growth in the first quarter. Comparable sales at California-based Chipotle jumped about 11% in the first quarter, while analysts on average expected an 8.6% rise, according to Refinitiv data. Inflation in the second half is "really a wild card," Chief Financial Officer Jack Hartung said on the earnings call.

☆ Stocks making the biggest moves premarket: Uber, Chipotle, Microsoft, Lumen and more
▼ + stars: | 2023-02-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Uber — The ride-hailing app's shares rose more than 7% after it posted fourth-quarter earnings that topped analyst estimates. Uber earned 29 cents a share, beating analysts' estimate of an 18 cent loss, Refinitiv data showed. This year's adjusted earnings guidance missed StreetAccount estimates. Fortinet — The cybersecurity company's shares rose 11% after it beat analysts' estimates in the most recent quarter by five cents a share, according to StreetAccount. Under Armour earned adjusted EPS of 16 cents vs a StreetAccount estimate of 9 cents.

Feb 7 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) missed quarterly comparable sales and profit expectations on Tuesday, as customers pulled back on expensive delivery orders and traffic stalled in December. Comparable sales at California-based Chipotle rose 5.6% in the fourth quarter ended Dec. 31, while analysts on average expected a 7.1% rise, according to Refinitiv IBES. Visits to Chipotle restaurants fell 10.2% in the fourth quarter, according to data from Placer.ai. Delivery transactions also tumbled 15% as in-store orders surged, and Chipotle restaurants "didn't see that pop" that they normally get in December around the holidays, Chief Financial Officer Jack Hartung said on the call. We think inflation will be reasonably tame," Hartung said, adding that the company had not yet decided whether to raise menu prices further in 2023.

☆ Chipotle customers are finally balking at higher delivery prices
▼ + stars: | 2023-02-07 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

In 2021, Chipotle reached $3.4 billion in digital sales. Delivery orders for the latest quarter decreased by 15% amid delivery prices hikes made last year. Chains like Chipotle often mark up menu prices for delivery orders to offset fees paid to third-party delivery operators like DoorDash. In the third quarter of 2022, delivery prices at Chipotle increased 13% compared to the same period in 2021, the company previously told Insider. The same meal costs $11.50 for delivery plus a $1 delivery fee and $3.37 in taxes and service fees.

☆ CFOs Ponder Their Pricing Power as the Economy Cools
▼ + stars: | 2023-01-09 | by ( Jennifer Williams-Alvarez | Dean Seal | ) www.wsj.com time to read: +7 min

After a year of significant price increases, companies are trying to figure out how far they can go in 2023. However, pricing experts said, consumers and businesses will likely pull back on discretionary spending and will be less tolerant of price increases as they become mindful of their budgets. The Katy, Texas-based retailer takes an item-by-item approach to price increases. Customers haven’t balked at higher price tags, Ms. Huber said in late October. Still, the company said the aggressive price hikes in 2022 haven’t yet had a significant impact on consumers’ behavior.

☆ NFL player J.J. Watt blasts Chipotle on Twitter: 'We want big burritos back'
▼ + stars: | 2022-12-13 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

Arizona Cardinals player J.J. Watt called out Chipotle for shrinking burrito sizes on Twitter. Some customers have been complaining about Chipotle's portion sizes for years. Pro-bowler and Arizona Cardinals defensive end J.J. Watt tweeted Sunday "Burritos have been getting smaller…," writing that he wanted to "open dialogue" with Chipotle. "We want big burritos back," he wrote, adding hashtags including "Burrito justice," "Still hungry," and "This is supposedly double meat." If its portion sizes are getting smaller, Chipotle wouldn't be the only retailer to do so.

☆ McDonald's opens US's first small-format location that's optimized for delivery and mobile orders
▼ + stars: | 2022-12-02 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

It includes an order-ahead lane where customers can drive up and retrieve mobile orders from a conveyer belt. Drive-thru and mobile orders are both critical to McDonald's business: About 25% of US sales are digital through the app, kiosk, or delivery orders, McDonald's says, and 70% of orders go through the drive-thru. Chipotle just opened its 500th Chipotlane, which operates like the order-ahead line in the McDonald's test store. Taco Bell has also opened Go Mobile restaurant formats with drive-thru lanes dedicated to mobile orders. McDonald's test is limited for now to the one location in the Fort Worth suburb called White Settlement.

☆ Chipotle workers say 'Boorito' was a flop this year because of high prices
▼ + stars: | 2022-11-01 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

Seven workers told Insider that their stores were slower than expected. Seven Chipotle workers across the US told Insider that their stores saw lower traffic than expected and didn't meet sales projections. This is in complete contrast to 2021, when workers told Insider about long lines, staying late to finish cleaning, and even some workers walking off the job. Outside of the Boorito promotion, Chipotle has raised prices several times over the last year and a half, most recently in August, when the chain raised prices for a burrito by about 50 cents to $1 each. In the first quarter of 2022, Chipotle raised menu prices by 4%, CFO Jack Hartung told investors.

☆ More Chipotle customers are ordering in-store, while the chain keeps investing in digital and drive-thru
▼ + stars: | 2022-10-26 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +2 min

Chipotle saw a huge bump in in-store sales as digital sales dropped slightly. In-store sales were up 22% in the third quarter of 2022 over the same period in the previous year, while digital sales were down 6% to make up 37% of all sales. Despite tides turning a bit toward more in-store orders, Chipotle is still investing in digital infrastructure. Chipotle has been especially optimistic about digital sales through its so-called Chipotlane drive-thrus, of which there are now more than 300. After two years as a digital promotion, the Halloween Boorito promotion is returning to stores this year.

☆ Chipotle says customers aren't skipping guac or choosing cheaper proteins despite price increases
▼ + stars: | 2022-10-26 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

Chipotle's CEO says customer orders have remained "consistent" despite price increases. Chipotle raised prices in August following two earlier increases in the last 18 months. Most customers aren't changing their regular orders or switching to less expensive proteins, he said. In the first quarter of 2022, Chipotle raised menu prices by 4%, CFO Jack Hartung told investors on an earlier call. Sales continue to grow faster than price increases, up 14% in the third quarter over the same period in 2021.

☆ Papa John's is the latest employer to offer free college for frontline workers
▼ + stars: | 2022-09-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

In this article CTRN Follow your favorite stocks CREATE FREE ACCOUNTwatch nowIn a war for talent, employers are drastically expanding their benefit offerings to attract and retain workers. More from Personal Finance:Inflation and higher rates are a ‘dangerous mix’Companies are slashing parental leave benefitsHere are the 'most employable' college degrees "Wherever you can differentiate yourself is pretty critical," said Marvin Boakye, Papa John's chief people and diversity officer. Now, nearly half, or 48%, of employers said they offer undergraduate or graduate tuition assistance as a benefit. "We're seeing it shift a little in how they are thinking about attracting talent," according to Buban. "The majority of our leadership team were delivery drivers and moved up through the organization," Papa John's Boakye said.

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