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☆ Chipotle just revealed a top reason customers demand refunds — and has a plan to prevent them
▼ + stars: | 2023-04-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Chipotle's app now lets customers know if they are going to the wrong location to pick up an order. Digital orders have slowed down for Chipotle since the early pandemic but remain a source of growth. The new notifications use improved technology to determine customers' locations as they order. Digital sales at the Mexican-grill chain reached $3.4 billion in 2021, thanks to improvements to its app and early-pandemic demand for delivery. Digital sales represented 39.4% of all sales in 2022, several percentage points lower than 46.2% in 2020.

NEW YORK, April 26 (Reuters) - Shares of Chipotle Mexican Grill Inc (CMG.N) soared to a record high on Wednesday after the burrito chain beat analysts' estimates for first-quarter profit and sales. Chipotle said its revenue rose 17% year-on-year to $2.4 billion, driven by higher restaurant sales, 41 new store openings, and increased demand from lower-income customers. Net income rose to $291.6 million, up 84% from the previous year, helped by lower avocado prices and lower delivery expenses. Chipotle's shares rose 14% to $2,030 in afternoon trading. More than a dozen Wall Street analysts hiked their price targets on the stock in reaction to the company's report.

☆ Stocks making the biggest moves midday: Microsoft, Chipotle, Boeing, First Republic Bank and more
▼ + stars: | 2023-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday:Microsoft — Shares of tech giant Microsoft gained more than 8% Wednesday after a better-than-expected earnings report a day earlier. The company earned $1.17 per share on $69.79 billion in revenue, while analysts polled by Refinitiv expected it to earn $1.07 per share on revenue of $68.9 billion. The company also announced a $70 billion share buyback. 107230585First Republic — Shares of the regional bank fell more than 20% on Wednesday, extending their steep losses for the week. However, deposits for the first quarter totaled about $28.2 billion, down from $33.9 billion from the fourth quarter of 2022.

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.

☆ Chipotle Mexican Grill's restaurant traffic grows as the chain proves its pricing power
▼ + stars: | 2023-04-25 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Like McDonald's , Chipotle said traffic to its restaurants grew during the first quarter despite higher menu items. Chipotle Mexican Grill on Tuesday reported quarterly earnings and revenue that topped analysts' expectations, fueled by better than expected same-store sales growth. In February, executives said January's same-store sales grew by double digits. Looking to the rest of the year, Chipotle is anticipating same-store sales growth in the mid-to-high single digits. It's expecting the same range for its second-quarter same-store sales growth, roughly in line with StreetAccount estimates of 5.8%.

☆ Chipotle is launching Farmesa, a spinoff selling 'California-inspired' bowls of salmon, whipped potatoes, quinoa, and more
▼ + stars: | 2023-02-15 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

Chipotle is launching a virtual restaurant brand featuring "California-inspired" bowls. The virtual restaurant makes its debut later this month in a ghost kitchen in Santa Monica, California. Farmesa will operate at the Kitchen United Mix food hall at Third Street Promenade, a tourist-heavy outdoor retail center in Santa Monica. Kitchen United is a Pasadena, California-based ghost kitchen operator with locations all over the US. Chipotle's new concept, Farmesa, is opening later this month at ghost kitchen/food hall Kitchen United Mix.

☆ Chipotle Mexican Grill to launch new spinoff, Farmesa Fresh Eatery, in a ghost kitchen
▼ + stars: | 2023-02-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

Chipotle Mexican Grill is launching a new spinoff, called Farmesa Fresh Eatery, in a California ghost kitchen. And, "when the time is right," Lawton said, Chipotle will use its loyalty program database to attract potential Farmesa customers. When opened, the Santa Monica location will be Kitchen United's 24th ghost kitchen. For Chipotle, Kitchen United's model allows the restaurant chain to test out the new brand with reduced risk. For now, Chipotle's chief purpose with the location is simply to learn, but that doesn't mean Farmesa won't grow.

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.

☆ Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales
▼ + stars: | 2023-02-07 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Chipotle Mexican Grill on Tuesday reported weaker-than-expected quarterly earnings and revenue, signaling that its price hikes may finally be alienating customers. Excluding certain legal expenses, corporate restructuring costs and other items, Chipotle earned $8.29 per share. The company's same-store sales rose just 5.6%, falling short of StreetAccount estimates of 6.9% and coming in weaker than Chipotle's own forecast from late October. The company said it's projecting same-store sales growth in the high-single digits for the first quarter of 2023, based on January same-store sales growth in the low double-digits. Wall Street was anticipating first-quarter same-store sales of 6.7%, according to StreetAccount estimates.

☆ Earnings playbook: Your best moves ahead of Chipotle, Disney and the second half of reporting season
▼ + stars: | 2023-02-05 | by ( Fred Imbert | ) www.cnbc.com time to read: +7 min

Roughly 50% of S & P 500 companies have posted earnings thus far, and the results have been mixed. Tuesday Chipotle Mexican Grill is set to report earnings after the bell, followed by a conference call at 4:30 p.m. What history shows: Data from Bespoke Investment Group shows Chipotle beats earnings expectations 76% of the time and averages a 1.7% gain on earnings day. What history shows: Bespoke data shows Disney beats earnings per share estimates nearly 80% of the time. What history shows: PayPal earnings have beaten analyst earnings expectations nine of the last 10 quarter, according to FactSet.

☆ Chipotle CEO Brian Niccol is betting that revamping the employee experience is the fast-casual chain's ticket to success
▼ + stars: | 2022-12-28 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +5 min

Brian Niccol's New Year's resolution is to bump Chipotle's internal-promotion rate — the rate of how many current staffers fill open jobs — to 95%. Courtesy of ChipotleBoosting Chipotle's internal-promotion rate is part of a broader move to create career paths for all employees. Under Niccol's leadership, Chipotle has raised employees' wages and helped workers pursue a range of academic degrees, debt-free. In August, workers at a Chipotle store in Lansing, Michigan, formed the first union at the company, the Washington Post reported. But Niccol sees the employee proposition at Chipotle as simple: We're serving high-quality food and we're giving you a place to grow your career.

Insider's second-annual list of the Most Transformative CEOs features three executives who are leading innovation in their industries. These CEOs are devising new ways to serve a range of interests, including clients, employees, and investors. At FanDuel, Howe has brought more women into the industry. ROSALIND BREWER, the CEO of Walgreens Boots AllianceRosalind Brewer, the CEO of Walgreens Boots Alliance. BRIAN NICCOL, the CEO of ChipotleBrian Niccol, the CEO of Chipotle.

☆ Mike Sievert of T-Mobile is the CNN Business CEO of the Year
▼ + stars: | 2022-12-26 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

T-Mobile’s solid performance on Wall Street was one big reason why CEO Mike Sievert is the CNN Business pick for CEO of the Year. CNN Business spoke to Sievert about how T-Mobile has continued to perform well in a super competitive business. T-Mobile CEO Mike Sievert talks to employees at a 2022 company event. That has led to higher expenses, but Sievert said T-Mobile is less worried about inflation than other consumer firms. Prepared for more competitionSievert, who has been with T-Mobile since 2012, took over as CEO in 2020 from long-time CEO John Legere.

☆ Rising rates hurt these stocks. They could benefit now if the Fed dials back inflation fight
▼ + stars: | 2022-12-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Bank of America recently screened for S & P 500 stocks with the lowest nominal interest rate betas, meaning they are hurt by rising nominal interest rates. Take-Two Interactive Software , which has a nominal interest rate beta of -7.6, has lost more than 40% this year. It has lost about 9% year to date and has a nominal interest rate beta of -6.3. REITs overall have been hit this year by rising interest rates, since investors who have them for their high dividend yields may ditch the assets for risk-free Treasurys. Meanwhile, Chipotle Mexican Grill has a nominal interest rate beta of -5.8 and has lost more than 11% so far this year.

☆ Fast-food chains like Taco Bell, McDonald's, and Chipotle keep introducing more expensive menu items — customers are eating it up
▼ + stars: | 2022-11-18 | by ( Mary Meisenzahl | ) www.businessinsider.com time to read: +3 min

Executives at Taco Bell, McDonald's, and Chipotle each noted success from pricier menu items recently. The more expensive meal promotion successfully brought customers in, and "drove the highest weekly digital transactions ever in the US business," Kempczinski said in the October earnings call. Taco Bell is seeing similar success with pricier menu items like the grilled cheese burrito, YUM Brands CEO David Gibbs said in a November earnings call. In New York City, a Mexican Pizza costs $6.49, and a double steak grilled cheese burrito goes for $6.79, about double the cost of lower-priced burritos on the menu. Analysts have praised both the grilled cheese burrito and adult Happy Meal as smart strategies driving sales.

☆ Watch CNBC's full interview with Chipotle CEO Brian Niccol
▼ + stars: | 2022-11-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Chipotle CEO Brian NiccolChipotle CEO Brian Niccol joins 'Closing Bell' to discuss rising product prices, pulling ads from Twitter and trends in household spending.

☆ Chipotle raises prices as food inflation remains high
▼ + stars: | 2022-11-15 | by ( ) 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 raises prices as food inflation remains highChipotle CEO Brian Niccol joins 'Closing Bell' to discuss rising product prices, pulling ads from Twitter and trends in household spending.

☆ 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.

☆ Chipotle says price hikes lift revenue as customers show ‘minimal resistance’
▼ + stars: | 2022-10-25 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Customers order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania. Chipotle Mexican Grill on Tuesday reported quarterly earnings that topped analysts' expectations as another round of price hikes hit its menus. CEO Brian Niccol said that the company saw "minimal resistance" to higher menu prices during the quarter, although transactions declined 1%. The company reported paying more for dairy, tortillas, avocados, packaging and labor. For the fourth quarter, Chipotle is predicting same-store sales growth in the mid- to high-single digits.

☆ A wave of restaurant operators and high-profile chains like Chipotle and Burger King are investing millions in innovation amid a slowdown in food-tech funding. Here are 10 investing in ghost kitchens,
▼ + stars: | 2022-09-29 | by ( Nancy Luna | ) www.businessinsider.com time to read: +10 min

"My dad says I'm taking the joy out of a restaurant," Frischling said. "If this industry doesn't keep up, we're not going to have so many restaurants," Frischling told Insider. Frischling is part of a wave of restaurant operators and high-profile chains investing millions in the industry's future. Over the years, Chipotle, Inspire Brands, and Restaurant Brands International — the owner of Burger King and Popeyes — have invested in autonomous-delivery vehicles, ghost kitchens, and digital-ordering software. IGC HospitalityThe New York restaurant company, also known as In Good Company Hospitality Group, invested in the restaurant-tech firm MarginEdge in 2021, according to PitchBook.

☆ How Chipotle's chief people officer steered the chain through a tumultuous year by focusing on employee well-being
▼ + stars: | 2021-04-29 | by ( Shana Lebowitz | ) www.businessinsider.com time to read: +5 min

Marissa Andrada is chief diversity, inclusion, and people officer at Chipotle. When Andrada, now the chief diversity, inclusion, and people officer at Chipotle, was growing up, her parents encouraged her to pursue a career in medicine. In 2020, Chipotle promoted nearly 11,000 employees, HR Dive reported, and more than 70% of the chain's general managers came up internally. In a statement provided to Insider, Chipotle Chief Corporate Affairs Officer Laurie Schalow said the lawsuit was a "dramatic overreach." Between March and September 2020, according to Chipotle, the number of employees using Chipotle's EAP and advocacy services increased fourfold.

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