Chipotle Responds To California Wage Hike By Raising Prices [Yahoo! Finance]
Chipotle Mexican Grill, Inc. (CMG)
Last chipotle mexican grill, inc. earnings: 4/21 04:10 pm
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Source: Yahoo! Finance
Tightening purse strings can take various forms, including worker layoffs, reduced shift hours, efficiency measures, store automation, and more. But perhaps one of the quickest ways to recoup significant cost increases is to raise consumer prices. That's exactly what Chipotle chose to do when the $20 per hour minimum wage for fast food workers went into effect. The rise in the California minimum wage from $16 to $20, which only affects fast food workers, equates to about a 20% jump for Chipotle labor costs in the state. To counteract lost profit margins, Chipotle raised menu prices by 6% to 7% in its roughly 500 California restaurants, compared to 2023 prices. The uptick affects menu-wide items and does not apply to Chipotle restaurants outside the Golden State. California labor-cost increases, and subsequent higher menu prices, seem minimally impactful for Chipotle, considering its recent earnings report for the first quarter of 2024. The company revealed increased comparable res
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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