Chipotle keeping ‘a close eye’ on customer behavior after raising menu prices, wages

Fox Business05-02

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. "...

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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 Sunday.\"It co","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK4209":"餐馆","BK4504":"桥水持仓","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","CMG":"墨式烧烤","LU0109391861.USD":"富兰克林美国机遇基金A Acc","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc"},"translate_title":"Chipotle在提高菜单价格和工资后密切关注顾客行为","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CMG":0.9},"content_text":"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.\n\"The [California] minimum wage, higher minimum wage just took effect earlier this month,\" CFO Jack Hartung said on \"The Big Money Show,\" Tuesday.\n\"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.\"\nPrices 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.\nCHIPOTLE WANTS TO HIRE 19K NEW EMPLOYEES AS IT GEARS UP FOR ‘BURRITO SEASON’\n\"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 Sunday.\nREAD ON THE FOX BUSINESS APP\n\n\n\n  Chipotle CFO Jack Hartung speaks about the restaurant chain's menu price increases on \"The Big Money Show.\"\n \n\n\"The state isn't making it easy,\" Chipotle Chief Executive Brian Niccol reportedly said.\nIn a statement to Fox News Digital on Monday, Chief Corporate Affairs Officer for Chipotle, Laurie Schalow, clarified: \"Similar to others in the restaurant industry, we implemented a statewide price increase in light of new legislation in California increasing the wages of restaurant workers.\"\nHartung added that Chipotle regulars are still entering the restaurant chain’s doors and that the company expects an elastic consumer that’s sustainable for their quick service model.\n\"We had a great first quarter. We had a 7% comp and more than 5% of that was driven by transaction growth, which I know is tough to come by in this kind of environment. The thing we're most proud of, when you look at our customers by income brackets, our low income consumers came at the same rate as our high income consumers,\" the CFO pointed out.\n\"And that tells us that we are really providing great value, and we're charging a fair price for it.\"\nEchoing a similar message as celebrity chef Robert Irvine, Hartung explained how Chipotle is turning to technology and investing in robots that can reallocate simple work tasks – without eliminating human workers – during a costly time for business.\nChipotle’s line chef robot will focus on online orders only, according to the CFO, and is said to minimize ingredient mistakes while ensuring on-time delivery.\n\"You won't see robots at the front line. So if you want to come in and sweet talk and try to get a little extra rice, a little extra ingredients along the way, you'll still have that opportunity,\" Hartung said.\n\"It could be very, very busy during our peak lunch and our peak dinner,\" he admitted. \"We're not going to replace employees, but we're going to make the jobs of our employees much easier.\"\nREAD MORE FROM FOX BUSINESS\nFOX Business’ Jeffrey Clark contributed to this report.\n\nOriginal article source: Chipotle keeping ‘a close eye’ on customer behavior after raising menu prices, wages","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432162032"}