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Chipotle CFO on Q4 earnings blowing past expectations, 'Our teams are running great operations'
· 07.02.2024 · 22:36:27 ··· MiTTwoch ⭐ 0 🎬 0
📺 Yahoo Finance
Chipotle (CMG) easily beat fourth-quarter estimates as comparable sales jumped 8.4% year-over-year, with total revenue increasing 15.4% to $2.5 billion year-over-year. One thing on the horizon for Chipotle, and many large restaurant chains, is California's impending minimum wage hike to $20 per hour.
Chipotle CFO Jack Hartung joins the Live show alongside Yahoo Finance Executive Editor Brian Sozzi to discuss Chipotle's earnings, what California's minimum wage hike for fast-food workers will mean for the company, and the fast-food industry at large, going forward .
Hartung comments on the impact the wage hike will have: "Here's the thing that's unfortunate. This act was aimed towards, large restaurant chains, and large restaurant chains, like Chipotle, can afford to do this. We have scale. We can find efficiencies. We have menu pricing power. It doesn't technically apply to individual business owners. It doesn't apply to businesses outside the restaurants, but they're all going to be affected... The restaurant industry in California is the largest employer, in the state. So when that many people are going to get a significant raise, it is going to have a ripple effect. It is going to make things more expensive, I do think its going to have an inflationary impact and make it a little tougher to go to the grocery store or stay at a hotel, and of course, eat at a restaurant whether it's independent restaurant or a chain restaurant."
#youtube #CHIPOTLE #yahoofinance
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· 07.02.2024 · 22:36:27 ··· MiTTwoch
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