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Jun 9 - Chipotle hikes prices to cover the cost of raising wages



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 2 weeks ago '11        #1
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Jun 9 - Chipotle hikes prices to cover the cost of raising wages
 

 
KEY POINTS
-Chipotle Mexican Grill has hiked menu prices by roughly 4% to cover the cost of raising its workers’ wages.
-In May, Chipotle said that it would raise hourly wages for its restaurant workers to reach an average of $15 an hour by the end of June.
-The restaurant industry has been boosting wages to attract workers as it faces a labor crunch.


image

Chipotle Mexican Grill has hiked menu prices by roughly 4% to cover the cost of raising its workers’ wages.

Across the restaurant industry, chains such as Chipotle, Starbucks and McDonald’s have been increasing hourly pay for employees of company-owned locations in a bid to attract new workers and retain their current ones. Consumer demand has come roaring back for restaurant meals, but the workforce has been slower to return, pushing eateries to sweeten the deal. In May, the leisure and hospitality industries added 292,000 jobs, but employment in those fields is still down by 2.5 million compared with pre-pandemic levels, according to the Department of Labor.

In May, Chipotle said that it would raise hourly wages for its restaurant workers to reach an average of $15 an hour by the end of June. Company executives said at the Baird Global Consumer, Technology & Services Conference that they would be passing along the price of raising pay to consumers.

“It feels like the right thing, at the right time, and it feels like the industry is now going to have to either do something similar or play some kind of catch-up,” CFO Jack Hartung said at the virtual conference. “Otherwise you’ll just lose the staffing gain.”

CEO Brian Niccol said the company prefers not to raise its prices but that the move made sense in this scenario.

The timing of the price hikes coincides with rising ingredient costs across the restaurant industry as suppliers grapple with the return of demand. For now, Chipotle isn’t planning on further price increases.

“Ingredient costs, there’s talk about it. We’ll see where that leads,” Hartung said.

Shares of Chipotle were trading up 1.3% on Tuesday. The stock has fallen more than 3% this year, giving it a market value of $37.72 billion.

visit this link https://www.cnbc.com/2021 .. ing-wages.html
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169 comments
 

 2 weeks ago '16        #2
HugheStone 
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Chipotle equals Starbucks and it's watered down southwest food.
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 2 weeks ago '16        #3
Boogersugar  topics gone triple plat - Number 1 spot x13
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Notice that the increase in price is minimal compared to the increased labor cost as Chipotle is heavily incentivized to eat as much of the increased labor cost as they can due to how the market they operate in works. They pass as little of the cost onto the customer as they can stomach, which is why businesses f*ght minimum wage hikes as hard as they do - they know they can't just pass the cost onto the customer. This is another example of why you f*gs against raising the minimum wage are wrong and dumb
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 2 weeks ago '05        #4
Krazie 
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4%? So like, an extra quarter for your burrito?

What ever will we do?
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 2 weeks ago '15        #5
SouthsideNori 
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I'm glad they paying their ppl but Moe's >>
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 2 weeks ago '19        #6
zzxxccvvbb 
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 Boogersugar said
Notice that the increase in price is minimal compared to the increased labor cost as Chipotle is heavily incentivized to eat as much of the increased labor cost as they can due to how the market they operate in works. They pass as little of the cost onto the customer as they can stomach, which is why businesses f*ght minimum wage hikes as hard as they do - they know they can't just pass the cost onto the customer. This is another example of why you f*gs against raising the minimum wage are wrong and dumb
Low minimum wage is just corporate welfare since workers need a*sistance for basic needs
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 2 weeks ago '04        #7
1MikE 
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An extra 6cents on my double chicken bowl to make sure everyone in their corporate infrastructure continues to make crazy salary I mean to make sure their store workers get 15 an hour?

I’m happy to help.


Last edited by 1MikE; 06-09-2021 at 01:28 PM..
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 2 weeks ago '04        #8
Claudinho69 
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im gonna cut my spending even more than before to deal with all these BS price hikes
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 2 weeks ago '12        #9
OldBusiness  topics gone triple plat - Number 1 spot x3
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 zzxxccvvbb said
Low minimum wage is just corporate welfare since workers need a*sistance for basic needs
Yup, we just end up subsidizing the lack of pay they provide their employees. Low wages = higher taxes and people don't get that basic sh*t in America.
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 2 weeks ago '08        #10
el bundy 
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A whole quarter extra for a bland chicken burrito?

What a travesty.
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 2 weeks ago '07        #11
yola  topics gone triple plat - Number 1 spot x51
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so, if i spend $25? i pay an extra $1 so people can be treated humanely?


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 2 weeks ago '08        #12
cohs  topics gone triple plat - Number 1 spot x4
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That 4% is a C-level crybaby fee. Watch bonuses jump by 10% next year with similar stats.
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 2 weeks ago '17        #13
Timberwolves  topics gone triple plat - Number 1 spot x19
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 Krazie said
4%? So like, an extra quarter for your burrito?

What ever will we do?
right lol

I'm down for this and I'm sure most people are too
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Top 10 most propped recently  2 weeks ago '21        #14
JayMurdoch 
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 Krazie said
4%? So like, an extra quarter for your burrito?

What ever will we do?
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 2 weeks ago '13        #15
THEDONN  topics gone triple plat - Number 1 spot x4
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CHipote

 2 weeks ago '18        #16
Oswaldgatesjr  topics gone triple plat - Number 1 spot x8
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Qdoba babe
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 2 weeks ago '11        #17
socal511  topics gone triple plat - Number 1 spot x1
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they raise prices every year. this just seems like a way for them to blame wage increases


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 2 weeks ago '20        #18
Its Dark At 9  topics gone triple plat - Number 1 spot x5
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More Doordash $ for me then
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 2 weeks ago '21        #19
MrDoubtfire  topics gone triple plat - Number 1 spot x1
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 Krazie said
4%? So like, an extra quarter for your burrito?

What ever will we do?
but the sh*t is already wildly overprice tho. Lunch is $20 now. I remember when I could get a banging lunch somewhere for like $7 less than 10 years ago.
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 2 weeks ago '20        #20
POWER RAPS  topics gone triple plat - Number 1 spot x2
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Actual authentic Mexican food that doesn’t come from a chain>>>chipotle
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 2 weeks ago '04        #21
Skilllz 
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Everything is more expensive now than it was a year ago. I quit my job a few weeks ago, got a better paying one just to meet with these covid price hikes. Remember the consumer pays the tax. My new job paying $7 more an hour than the last one.

time to look for better work opportunities if you're stuck in a dead end industry. I can't tell you how many of my people switched industries (ie: food & beverage industry to something skilled) during this pandemic.


Last edited by Skilllz; 06-09-2021 at 11:37 AM..
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 2 weeks ago '20        #22
Teewee tha gr8 
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 Krazie said
4%? So like, an extra quarter for your burrito?

What ever will we do?




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 2 weeks ago '14        #23
Alpallday 
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They sh*t trash
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 2 weeks ago '07        #24
KeepinItTrill 
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not a big deal

but Chipotle is overrated trash and bland af and I'll be damned if I eat that sh*t
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 2 weeks ago '16        #25
MadMarlo 
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Every Chipotle I go to has different prices depending on the cashier lol

I have no idea how much imma pay anyway ...

Did u charge me for the side of salad dressing?
Did you see that I had double meat or nah?
Did u charge me less becuz yall ran out of peppers????

Wtf
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