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☆ Chipotle shareholder sues over skimpy portion sizes
▼ + stars: | 2024-11-13 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —A Chipotle shareholder is suing the fast-casual chain over viral social media complaints about skimpy portion sizes. The proposed class-action lawsuit filed Monday claims Chipotle understated customer dissatisfaction regarding its “highly inconsistent” portion sizes in official disclosures. “First, there was never a directive to provide less to our customers,” Niccol said during the earnings call. After that earnings call on October 30, Chipotle stock dipped 7.86%. The proposed class action would make eligible anyone who purchased or sold Chipotle stock from February 8 to October 29, 2024.

Persons: Keith Lee, Chipotle, ” Laurie Schalow, Chipotle’s “, Brian Niccol, ” Niccol, Niccol, Jack Hartung, Scott Boatwright, Boatwright Organizations: New, New York CNN, Starbucks Locations: New York, Wells, Chipotle’s, Chipotle

☆ Chipotle Interim CEO Scott Boatwright and President Jack Hartung sit down with Jim Cramer
▼ + stars: | 2024-10-01 | 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 EmailChipotle Interim CEO Scott Boatwright and President Jack Hartung sit down with Jim CramerChipotle Interim CEO Scott Boatwright and President Jack Hartung join 'Mad Money' host Jim Cramer to talk Chipotle's new chapter following former CEO Brian Niccol's departure.

Persons: Scott Boatwright, Jack Hartung, Jim Cramer Chipotle, Jim Cramer, Brian Niccol's

☆ Chipotle CSO Jack Hartung says there's 'macro resistance' to inflation from California consumers
▼ + stars: | 2024-10-01 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

In a Tuesday interview with CNBC's Jim Cramer, Chipotle CSO Jack Hartung discussed business in California since the burrito-maker upped prices in April, saying there's "macro resistance" from consumers to inflation across the industry. "Our read on California is less about resistance to our price increase, and it's more of a macro impact," Hartung said. "Because when you look at the restaurant industry, the restaurant transactions are down for everybody." The company raised prices in the state by about 7% to offset the new higher minimum wage regulations for fast-food workers, which raised the mandated hourly rate from $16 to $20 per hour. Chipotle beat Wall Street's expectations during its last quarter and reported growing market share and restaurant transactions across every income level.

Persons: CNBC's Jim Cramer, Jack Hartung, Hartung, There's Organizations: CNBC Locations: California

☆ Chipotle continues to see strong value scores across the country, says President Jack Hartung
▼ + stars: | 2024-10-01 | 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 EmailChipotle continues to see strong value scores across the country, says President Jack HartungChipotle Interim CEO Scott Boatwright and President Jack Hartung join 'Mad Money' host Jim Cramer to talk Chipotle's new chapter following former CEO Brian Niccol's departure.

Persons: Jack Hartung Chipotle, Scott Boatwright, Jack Hartung, Jim Cramer, Brian Niccol's

☆ 6 ways Starbucks' incoming chief Brian Niccol transformed Chipotle
▼ + stars: | 2024-08-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Niccol has a "great track record" and is an "outstanding" hire for Starbucks, Edward Jones restaurant analyst Brian Yarbrough told Business Insider. Alongside Curt Garner, the chain's chief information officer who joined in 2015, Niccol helped spearhead Chipotle's digital turnaround. In Niccol's first full year at Chipotle, in 2019, digital sales were up 90%. AdvertisementMost locations already had two make lines when Niccol joined Chipotle, but the strategy was unclear, BI previously reported. "Whether you're a light, medium, or heavy user, when you're in the rewards program, you come more frequently and you spend more," Niccol told investors in February.

Persons: —, Taco Bell, Brian Niccol, Laxman Narasimhan, Niccol, Edward Jones, Brian Yarbrough, William Blair, Sharon Zackfia, Howard Schultz, He's, perf, Chipotle, Chipotle's, Gregory Rec, Jack Hartung, Curt Garner, they'd, Jefferies, Andy Barish Organizations: Service, Taco, Starbucks, Business, Portland Press, Getty, Niccol's, BI Locations: Chipotle, Ohio, China

Starbucks is parting ways with its CEO and bringing in the head of Chipotle to lead the coffeeshop chain, as it seeks to revive flagging sales and appease outside investors. Starbucks announced Tuesday that Brian Niccol, who has led the Mexican-style chain since 2018, will take over the coffee giant starting next month. Laxman Narasimhan, who'd been with Starbucks for less than two years, is exiting the company. But in its release announcing the change, Starbucks said Niccol had "transformed" Chipotle. Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Niccol officially takes over the top job.

Persons: Brian Niccol, Laxman Narasimhan, who'd, who’d, Chipotle, Niccol, Rachel Ruggeri, Scott Boatwright, Jack Hartung Organizations: Starbucks Locations: Mexican, U.S, China

Starbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol as the coffee chain tries to reverse a sales slump. Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Mucinex. Narasimhan's surprise ouster also suggests that Starbucks' board isn't interested in a deal with activist investors. When news of Elliott's stake in Starbucks first broke in July, the hedge fund offered Starbucks' board a settlement that would protect Narasimhan's job, CNBC previously reported. Starbucks' board did not initially respond or engage with Elliott for some time, driven in part by the lingering influence of Schultz.

Persons: Laxman Narasimhan, Brian Niccol, Rachel Ruggeri, Niccol, Narasimhan, Howard Schultz, Elliott, Chipotle, Mellody Hobson, shakeup, Brian, Hobson, he's, Bell, Narasimhan's, Schultz, Scott Boatwright, Jack Hartung Organizations: Starbucks, Elliott Management, Yum Brands, Bell, CNBC Locations: U.S, China, Chipotle, Pizza

☆ Chipotle stock falls as CEO Brian Niccol leaves for Starbucks
▼ + stars: | 2024-08-13 | by ( Michele Luhn | ) www.cnbc.com time to read: +1 min

Chipotle stock fell as much as 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks . Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 700% since since he took over. Niccol helped lead Chipotle through a foodborne illness scandal and oversaw the chain of restaurants during the pandemic. Before taking over at Chipotle, Niccol was the CEO at Yum Brands' Taco Bell.

Persons: Brian Niccol, Niccol, Scott Boatwright, He's, Jack Hartung, Brian, Mellody Hobson, Chipotle, — CNBC's Amelia Lucas Organizations: Starbucks, Yum Brands, Bell Locations: Chipotle

☆ Cramer says Carvana pulls a 'rabbit out of a hat,' slams Mastercard, Visa downgrade
▼ + stars: | 2024-07-10 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

CEO Brian Niccol told Cramer that's not the case. CEO Ernie Garcia "pulled the rabbit out of a hat," Cramer said. "This is a classic case of whenever you sell these stocks ... you end up regretting it," Cramer said. They have no credit risk. I don't think you downgrade these stocks going into a slowdown where you might have credit risk."

Persons: Jim Cramer's, Sasan Goodarzi, Jim Cramer, Jack Hartung, He'll, Adam Rymer, Cramer, Chipotle, Brian Niccol, Cramer that's, Monish Patolawala, Bill Brown, Needham, Ernie Garcia Organizations: CNBC, Club, Intuit, Karma, Archer, Daniels, Midland, Mastercard, Visa, Bank of America

☆ Stock splits are all the rage with Nvidia the latest — how to know which ones to buy or avoid
▼ + stars: | 2024-05-31 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

While stock splits don't affect a company's value, they can catalyze a move higher or lower, according to Wolfe Research. Artificial intelligence chipmaker Nvidia announced a 10-for-1 stock split as part of its quarterly earnings report on May 22. The firm examined the roughly 3,000 stock splits from large-cap U.S. companies since 1993 to examine their impact. Here are the favorable criteria Senyek identified: Large market capitalization Higher absolute share price Multiple stock splits in the past "Larger cap, higher price and multiple splits is the 'sweet spot' for stock splits' signaling mechanism," said Senyek. "For what it's worth, the pending Nvidia stock split meets the three aforementioned positive criteria."

Persons: Dow, Chris Senyek, Senyek, That's, FactSet, Baird, Jack Hartung, Chipotle, Amphenol, — CNBC's Michael Bloom Organizations: Wolfe Research, Nvidia, Dow Jones Industrial, Walmart, Dominion Freight, Old Dominion, Citigroup, CNBC, Amphenol Locations: Old, Connecticut

☆ If you invested $1,000 in Chipotle 10 years ago, here's how much money you'd have now
▼ + stars: | 2024-05-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Chipotle has come a long way since the burrito-maker first went public nearly 20 years ago. Although it was founded in 1993, the restaurant chain made its stock market debut in January 2006 with shares priced at $22 each. Chipotle's stock price sat at $3,072.85 as of the market close on May 29. The chain is also preparing for its first stock split, which is set to take place after the market close on June 25. "This split comes at a time when our stock is experiencing an all-time high driven by record revenues, profits, and growth."

Persons: Chipotle, Jack Hartung Organizations: Washington D.C Locations: Washington, U.S, Canada, United Kingdom, France, Germany

☆ Chipotle CEO discusses viral TikTok trend, company's first-ever stock split
▼ + stars: | 2024-05-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Wednesday interview with CNBC's Jim Cramer, Chipotle CEO Brian Niccol addressed a recent TikTok trend that claims the fast food chain is skimping on portion sizes. Dubbed the "Chipotle phone method," the trend involves some users on Tiktok filming Chipotle workers as they get orders ready in order to receive more toppings. Niccol also discussed Chipotle's first-ever stock split. One Chipotle share is currently worth $3,072.85, and the split is expected to take effect in June. "There's a lot more excitement when you can buy a whole share or get a couple shares," Niccol said.

Persons: CNBC's Jim Cramer, Brian Niccol, Niccol, Chipotle, We're, Chipotle's, Jack Hartung

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, First Solar, Netflix, Disney, Cava, Dell, Snowflake & more
▼ + stars: | 2024-05-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are the biggest calls on Wall Street on Wednesday: Bernstein reiterates Nvidia as outperform Bernstein said it's sticking with its outperform rating on the stock. " Argus upgrades Berkshire Hathaway to buy from hold Argus said it's getting bullish on shares of Warren Buffett's multinational conglomerate. UBS reiterates First Solar as buy UBS raised its price target on First Solar to $350 per share from $270. Bank of America reiterates Apple as buy Bank of America said it's bullish on top pick Apple and its entry into iPhones with AI. Bank of America reiterates Dell as buy Bank of America raised its price target on Dell to $180 per share from $130.

Persons: Bernstein, Berkshire Hathaway, Argus, it's, Fluence, LBRT, Jefferies, TD Cowen, Medpace, Cowen, Morgan Stanley, JPMorgan, Wells, Baird, MM120, Truist, Dell, Jack Hartung, Cindy Olsen Organizations: Nvidia, Argus, Warren, UBS, Citi, Liberty Energy, United Airlines, Airlines, American Airlines, " Bank of America, Apple, Bank of America, Netflix, Disney, RBC, Eldorado, Eldorado Gold, BTC, Citi downgrades Bank, JPMorgan, Mind, of America, Norwegian Cruise Line Holdings, Dell, Field Locations: Berkshire, U.S, OFS, United, El Paso, Parks, F4Q, CAVA, Chicago

☆ 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.

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