Chipotle announces new price increase, fourth in two years
Chipotle Mexican Grill (CMG)the popular fast food chain Tex-Mex, confirmed that its menu prices will increase soon, marking the fourth increase in just two years. The decision was made, they say, due to the current situation of the economy in USAparticularly inflation.
The latest rise in prices CMG It happened a little over a year ago, in August 2022, when some customers began paying up to 1% more for the same dishes. Before that, prices increased by 3.5 to 4% in June 2021, attributing the increase to employee salaries, and then again in the first quarter of 2022, also close to 4.1%.
Despite these increases, the financial report for the second quarter of 2023 of Chipotle showed a 13.6% increase in year-over-year revenue, bringing the total number to $2.5 billion. Continued success and growing profits indicate that customers have not been significantly affected by frequent price changes so far.
According to USA Todayinflation finally appears to be showing improvement, although consumer prices are still 3.7% higher compared to previous years, having reached a 40-year high of 9.1% in June 2022.
Faced with the reality of a general increase in prices, fans of Tex-Mex They might be willing to pay a little more for the luxury of a burrito, with cheese and guacamole on the side, for the time being.
According to its second quarter report, the company's comparable sales increased 7.4%, slightly below the consensus of 7.7%. Additionally, restaurant sales rose 15.8% during the quarter, while digital sales accounted for 38.0% of total food and beverage revenue. However, operating income, while rising to 17.2% of sales from 15.3% a year earlier, fell short of the consensus expectation of 17.5%.
Regarding the stock market level, Seeking Alpha reports that the actions of CMG They haven't returned to the level they were at before the second quarter earnings report was released, but they are still up more than 30% so far this year.
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