Revenue for the period was $2.2 billion, just shy of analysts’ estimates of $2.23 billion. Adjusted earnings per share were $8.29 compared to an estimated $8.91. While the company experienced a 5.6% rise in same-store sales, this figure still fell short of Wall Street estimates of 7.04%.

For the quarter ending December 31, 2022, Chipotle’s revenue increased by 11.2%, with in-restaurant sales surging by 17.5%. This rise was driven by both same-store sales and the opening of new locations. During the fourth quarter, Chipotle opened 100 new restaurants, with 90 of them including the company’s new Chipotle drive-thru concept.

The company reported an operating margin of 13.6% for the period, narrowly missing estimates of 14.7%. Foot traffic compared to the same period in 2021 declined by 10.2%.

Food, packaging, and beverage costs weighed down on Chipotle’s profits for the period, accounting for 29.3% of the company’s total Q4 revenue.

The post Chipotle Misses Earnings Estimates appeared first on theprimarymarket.com.

Speaking at Yahoo Finance’s All Markets Summit earlier this week, Chipotle CEO Brian Niccol said that the company will “probably” increase its prices at locations in California due to the state’s upcoming bill that is set to increase minimum wages for fast food workers.

“We pay well beyond $15 an hour in California,” said Niccol. “So there is legislation that has the potential to take the hourly wage up to $21, $22 an hour that will put organizations in a place where prices probably have to rise.”

Niccol added that the bill might also prompt the company to rethink its decision to expand the business in the Golden Stat. Chipotle currently has 449 locations in California, which is around 15% of all its stores in the United States.

California governor Gavin Newsom recently proposed a bill that aims to improve the status of fast food workers in the state. One of the key points of the bill is raising the minimum wage from $15 per hour to $22 per hour. The bill is expected to find its way on California 2024 ballot propositions if it receives the required number of signatures by December.

The post Chipotle Will “Probably” Increase Prices in California Due to Minimum Wage Bill appeared first on theprimarymarket.com.

Revenue for the period was $2.2 billion, just shy of analysts’ estimates of $2.23 billion. Adjusted earnings per share were $8.29 compared to an estimated $8.91. While the company experienced a 5.6% rise in same-store sales, this figure still fell short of Wall Street estimates of 7.04%.

For the quarter ending December 31, 2022, Chipotle’s revenue increased by 11.2%, with in-restaurant sales surging by 17.5%. This rise was driven by both same-store sales and the opening of new locations. During the fourth quarter, Chipotle opened 100 new restaurants, with 90 of them including the company’s new Chipotle drive-thru concept.

The company reported an operating margin of 13.6% for the period, narrowly missing estimates of 14.7%. Foot traffic compared to the same period in 2021 declined by 10.2%.

Food, packaging, and beverage costs weighed down on Chipotle’s profits for the period, accounting for 29.3% of the company’s total Q4 revenue.

The post Chipotle Misses Earnings Estimates appeared first on theprimarymarket.com.

Speaking at Yahoo Finance’s All Markets Summit earlier this week, Chipotle CEO Brian Niccol said that the company will “probably” increase its prices at locations in California due to the state’s upcoming bill that is set to increase minimum wages for fast food workers.

“We pay well beyond $15 an hour in California,” said Niccol. “So there is legislation that has the potential to take the hourly wage up to $21, $22 an hour that will put organizations in a place where prices probably have to rise.”

Niccol added that the bill might also prompt the company to rethink its decision to expand the business in the Golden Stat. Chipotle currently has 449 locations in California, which is around 15% of all its stores in the United States.

California governor Gavin Newsom recently proposed a bill that aims to improve the status of fast food workers in the state. One of the key points of the bill is raising the minimum wage from $15 per hour to $22 per hour. The bill is expected to find its way on California 2024 ballot propositions if it receives the required number of signatures by December.

The post Chipotle Will “Probably” Increase Prices in California Due to Minimum Wage Bill appeared first on theprimarymarket.com.