Chipotle keeping ‘a close eye' on customer behavior after raising menu prices, wages [FOX Business Network]
Chipotle Mexican Grill, Inc. (CMG)
Last chipotle mexican grill, inc. earnings: 4/21 04:10 pm
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Source: FOX Business Network
Despite signs that Americans are still craving their favorite burrito bowls and willing to pay extra for guacamole, Chipotle is carefully watching consumer behavior amid higher labor and menu costs. "The [California] minimum wage, higher minimum wage just took effect earlier this month," CFO Jack Hartung said on " The Big Money Show ," Tuesday. "We did take a modest price increase of 6 to 7%. We've been watching the traffic since we took the price increase. We're not seeing anything yet, we're not seeing any change in behavior yet," he continued. "It's very early, so we'll keep a close eye on it." Prices at Chipotle, McDonald's and other fast-food giants in California are reportedly rising after a minimum wage hike went into effect one month ago. "Chipotle said in an investor call Wednesday that prices at its nearly 500 California restaurants climbed 6% to 7% during the first week of April compared with last year, playing out across its menu," The Wall Street Journal reported
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CMG
Earnings
- 4/24/24 - Beat
CMG
Sec Filings
- 5/3/24 - Form DEFA14A
- 5/1/24 - Form PX14A6G
- 4/29/24 - Form 4
- CMG's page on the SEC website