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New York CNN —Customers on social media have been furious with Chipotle for allegedly skimping on its burrito bowl portions this year. “First, there was never a directive to provide less to our customers,” CEO Brian Niccol said during an earnings call Wednesday. In June, a Wells Fargo analyst ordered and weighed 75 Chipotle burrito bowls with white rice, black beans, chicken, pico de gallo, cheese and lettuce across eight Chipotle locations in New York City. The bowls weighed roughly the same for in-store orders and online orders, but some locations served bowls that weighed 33% more than other locations. Some burrito bowls went to extremes, with one topping out at 27 ounces in one location, and a meager 14 ounces in another.
Persons: Chipotle, Brian Niccol, ” Niccol, pico de, ” Niccols, Nathaniel Meyersohn Organizations: New, New York CNN Locations: New York, Wells, New York City
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
And at some Chipotle locations, customers filmed workers to try to make sure they didn't skimp on their burrito bowls. The three joined a growing list of consumer brands contending with customers' deep frustration over high prices — and wariness that prices will only rise more. Walmart, on the other hand, said the new price tags will cut a tedious task from store workers' to-do lists. They eliminate the need for store workers to swap out traditional paper tags. Shoppers at a Walmart store in Secaucus, New Jersey, US, on Tuesday, March 5, 2024.
Persons: Wendy's, Jean, Pierre Dubé, David Chavern, Donald Trump, Joe Biden, Kevin Lamarque, hasn't, Dianna Campbell, she's, Campbell isn't, Biden, skimping, Sen, Bob Casey, Andrea Foote, Tricia Moriarty, it's, Jim Cramer, CNBC's, Brian Niccol, Chipotle, We've, Wells, Zachary Fadem, Brandon Bell, It's, Kirk Tanner, Yuki Iwamura, Cristina Rodrigues, Gabby Jones Organizations: Walmart, University of Chicago Booth School of Business, Consumers, U.S . Bureau of Labor Statistics, Consumer Brands Association, Procter, Gamble, Pew Research, Pew, Reuters Shrinkflation, Federal Reserve, Customers, Gatorade, PepsiCo, CNBC, Chipotle, New York, Mexican Grill, Getty, American Farm Bureau Federation, Bloomberg, University of Chicago Locations: U.S, Goffstown , New Hampshire, Manhattan, New York City, Mexican, Austin , Texas, Queens, New York, Europe, Secaucus , New Jersey, US
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChipotle CEO on TikTok trend: We've never shrunk the portions, filming is rude to employeesChipotle CEO Brian Niccol joins 'Mad Money' host Jim Cramer to talk customer behavior, a recent TikTok trend impacting employees, quarterly results and more.
Persons: Brian Niccol, Jim Cramer
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
Chipotle CEO Brian Niccol sits down with Jim Cramer
  + stars: | 2024-05-29 | 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 CEO Brian Niccol sits down with Jim CramerChipotle CEO Brian Niccol joins 'Mad Money' host Jim Cramer to talk customer behavior, a recent TikTok trend impacting employees, quarterly results and more.
Persons: Brian Niccol, Jim Cramer
"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," McDonald's CEO Chris Kempczinski said on the company's conference call in late April. Paul Weaver | SOPA Images | Getty ImagesFor more than two years, consumers have dealt with sharply rising prices. But that doesn't mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch. While some CEOs have said that consumers are growing more cautious, others — like those in the airline industry — have celebrated strong and persistent spending. Corporate misfires can also lead to disappointing sales, even if their shoppers aren't necessarily pulling back on their spending.
Persons: Chris Kempczinski, Burger, Paul Weaver, Jerome Powell, Aurelia Concepcion, Concepcion, it's, Joe Raedle, Brett House, John David Rainey, Ramon Laguarta, Ed Bastian, We're, Daniel Slim, Brian Niccol, Calvin McDonald, Laxman Narasimhan, Sara Senatore, Spencer Platt Organizations: DAL, Washington Post, Home, Delta Air Lines, Consumers, of Labor, CPI, KFC, Starbucks, Columbia Business School, Walmart, Finance, CNBC, PepsiCo, Gatorade, Pepsi, United, Delta Airlines Boeing, Owen Roberts International, AFP, Getty, Delta, Target, Bank of America Locations: Manhattan, Bloomsburg , Pennsylvania, New York, Georgia, Ohio, Miami , Florida, U.S, Delta, Europe, Asia, Japan, George Town, Cayman Islands, New York City
Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.
Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America
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 renamed its barbacoa filling because customers didn't know what it was. It has now been renamed "braised beef barbacoa," its CEO said. AdvertisementChipotle's CEO said it had to rename its barbacoa burrito filling because diners weren't sure what it was. "Many of our guests did not know that barbacoa was braised beef," CEO Brian Niccol told analysts at the company's first-quarter earnings call on Monday. The item, which is labeled on its US menu as "beef barbacoa" and in its ads as "braised beef barbacoa," is available as a filling for burritos, burrito bowls, salad bowls, tacos, and quesadillas.
Persons: Chipotle, Barbacoa, , barbacoa, Brian Niccol Organizations: Service, Business Locations: Mexico
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
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHopefully we can navigate inflation without price increases, says Chipotle CEOBrian Niccol, Chipotle CEO, joins 'Closing Bell Overtime' and CNBC's Kate Rogers to talk quarterly results, the state of the consumer, impact of inflation and more.
Persons: Brian Niccol, CNBC's Kate Rogers
The effects of California's $20 minimum wage for fast food workers are starting to show. This translated to a 7% menu price increase at Chipotle locations in California. AdvertisementCalifornia's $20 wage for fast food workers is just a few weeks old, and the effects on workers and customers are beginning to emerge. At Chipotle, the law drove a 20% increase in wages for its restaurant staff in the Golden State, the company said during its earnings call on Wednesday. To offset that cost, menu prices notched up about 6% to 7% for customers in California, CEO Brian Niccol said.
Persons: Chipotle, , Brian Niccol Organizations: Service, Golden State, Business Locations: California, Chipotle, Golden
Chipotle Mexican Grill is abandoning its Farmesa Fresh Eatery spinoff after partner Kitchen United closed its ghost kitchens. A little over a year ago, Chipotle announced the opening of its first Farmesa location at Kitchen United's Santa Monica location. But the Santa Monica ghost kitchen closed in February as its parent company struggled financially. In November, Kitchen United announced plans to close or sell all of its locations as it pivoted into software. But once customers started returning to dining in person and capital grew more expensive, many ghost kitchen startups like Kitchen United found themselves in trouble.
Persons: Chipotle, Curt Garner, Brian Niccol, it's, Chipotle's, Sam Nazarian Organizations: United, CNBC, Kitchen United Locations: Monica, Santa Monica, U.S
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,
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChipotle CEO Brian Niccol on opening new restaurants in 2024Chipotle Chairman and CEO Brian Niccol joins 'Mad Money' host Jim Cramer to talk quarterly results, new location openings, consumer trends and more.
Persons: Brian Niccol, Jim Cramer
Chipotle CEO Brian Niccol goes one-on-one with Jim Cramer
  + stars: | 2024-02-06 | 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 CEO Brian Niccol goes one-on-one with Jim CramerChipotle Chairman and CEO Brian Niccol joins 'Mad Money' host Jim Cramer to talk quarterly results, new location openings, consumer trends and more.
Persons: Brian Niccol, Jim Cramer
Chipotle CEO Brian Niccol told CNBC's Jim Cramer that the company plans to double its current number of locations. "We really do believe we can double the restaurant count to 7,000," Niccol said. "We view it as a conservative number, and we view it as something that's very feasible in the long term." Niccol attributed the successful quarter to the company's ability to produce quality food while keeping lines in the restaurants moving quickly. "So, we keep a really close eye on that, and I think you're seeing that in our transactions as a result of it."
Persons: Brian Niccol, CNBC's Jim Cramer, Niccol, Chipotle, McDonald's Organizations: LSEG, Starbucks
We can order food, earn rewards, and find unique online-only offers. McDonald'sAfter lagging behind rivals for years, the chain's app now has over 57 million active members. That feature has been around since Dunkin's mobile app first launched in August 2012. The chain first began testing mobile ordering in a handful of markets in 2009 before going national in 2011. For example, the Chipotle app gives you uber-specific portion size choices such as "normal," "extra" or "light' servings.
Persons: , Taco Bell, Dunkin, Taco, Brian Niccol, it's, Wendy's, Burger King, Domino's, They've, I'm, Joe, Chipotle Organizations: Starbucks, Service, Subway Subway, Subway, Restaurant, Taco Bell, Burger, Chipotle Locations: Cava, Burger
Starbucks says it's rolling out a fix to prevent customers from ordering drinks to the wrong pickup location. AdvertisementAdvertisementStarbucks says it's fixing a common customer frustration: ordering drinks to the wrong pickup location. "So we recently improved the ability for people to select a store and significantly reduce the orders that are sent to the wrong store." Ordering a drink to the wrong pickup location isn't just inconvenient for customers. These mistakenly placed orders are "our most frequent refund requests," Niccol said.
Persons: aren't, , Brady Brewer, Brian Niccol, Chipotle, Niccol Organizations: Starbucks, Service Locations: Chipotle
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Persons: Guy, Bill Nye, Bard, Brian Niccol, Toby Rice Organizations: Pointe Homes, Columbia
Shifts for prep workers at Chipotle can start as early as 6 a.m., CEO Brian Niccol told investors. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementPrep workers at Chipotle have to start work as early as 6 a.m. to get food ready for when the restaurants open, company execs revealed at its third-quarter earnings call Thursday. Niccol told investors that Chipotle's staffing and turnover were "back to or better than pre-pandemic levels."
Persons: Brian Niccol, mashing, Chipotle, , execs, Niccol, Brandon Bell, Chipotle execs Organizations: Service Locations: Chipotle
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailQ3 growth was driven by transactions and execution, says Chipotle CEO Brian NiccolBrian Niccol, Chipotle CEO, joins 'Closing Bell Overtime' to talk quarterly results, the impact of weight-loss drugs, integrating robotics and more.
Persons: Brian Niccol Brian Niccol
Chipotle Mexican Grill on Thursday reported quarterly earnings that beat expectations, helped by higher menu prices for its burritos and bowls. Shares of the company rose more than 5% in extended trading. Earlier this month, Chipotle raised menu prices for the first time in more than a year, citing inflation. Same-store sales rose 5%, beating StreetAccount estimates of 4.6%. The company credited higher transactions and menu prices for the quarter's same-store sales growth.
Persons: Chipotle, Brian Niccol Organizations: LSEG Locations: Chicago , Illinois
[1/3] People are served in a Chipotle outlet in Manhattan, New York City, U.S., February 7, 2022. Chipotle said it has not seen any material impact from weight-loss drugs. While consumers taking weight-loss treatments consume fewer calories, "it's important the calories they do consume are coming from clean food. Chipotle forecast fourth-quarter comparable sales growth in the mid- to high-single-digit range, compared with estimates of a 5.38% rise. Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Andrew Kelly, Brian Niccol, Chipotle, Sante Faustini III, we're, Niccol, Deborah Sophia, Krishna Chandra Eluri Organizations: REUTERS, Thomson Locations: Manhattan , New York City, U.S, California, Bengaluru
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