While Chipotle has yet to feel any impact from California's minimum wage hike and resulting menu price increases, its CFO says the company is keeping 'a close eye on it.'
Despite signs that Americans are still craving their favorite burrito bowls and willing to pay extra for guacamole, Chipotle is carefully watching consumer behavior amid higher labor and menu costs. "The minimum wage, higher minimum wage just took effect earlier this month," CFO Jack Hartung said on "The Big Money Show," Tuesday. "We did take a modest price increase of 6 to 7%. We've been watching the traffic since we took the price increase.
Chipotle said in an investor call Wednesday that prices at its nearly 500 California restaurants climbed 6% to 7% during the first week of April compared with last year, playing out across its menu," The Wall Street Journal reported Sunday. "The state isn't making it easy," Chipotle Chief Executive Brian Niccol reportedly said.
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