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Chipotle adds smoked brisket to menu instead of carne asada
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Chipotle s stores had their most profitable quarter since since 2015 despite the chain raising wages
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Chipotle sees no gain in higher menu pricing due to high beef costs
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3 Must-See Quotes From Chipotle s Earnings Call
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By Syndicated Content
By Praveen Paramasivam and Hilary Russ
(Reuters) â Chipotle Mexican Grill Inc beat estimates for comparable quarterly sales on Tuesday but warned that higher beef and freight costs will offset the benefit of menu prices hikes.
Restaurants have been plagued by outages of everything from green tea to paper bags, as well as labor shortages, as the U.S. economy has reopened following pandemic-related lockdowns.
In the current quarter, commodity costs and staffing shortages at suppliers will mostly cancel out the 3.5% to 4% menu price increase originally implemented to pay for higher wages, Chief Financial Officer Jack Hartung said in a call with analysts.