Chipotle CEO Brian Niccol informed CNBC’s Jim Cramer that the firm plans to double its present number of locations.
“We really do believe we can double the restaurant count to 7,000,” Niccol stated. “We view it as a conservative number, and we view it as something that’s very feasible in the long term.”
Tuesday after the market shut, Chipotle reported $2.52 billion in revenue, beating the $2.49 billion anticipated by analysts at LSEG, previously often known as Refinitiv. The firm’s foot site visitors elevated 7.4%, a stark distinction from current declines seen by friends McDonald’s and Starbucks.
Niccol attributed the profitable quarter to the firm’s means to supply high quality meals whereas holding traces in the eating places shifting rapidly.
Niccol conceded that it has been a difficult enterprise setting over the previous two years as inflation persists, however stated he thinks Chipotle clients are glad with the price of its meals. Chipotle announced in October of final 12 months it will improve costs to offset inflation after a 12 months with none hikes, however did not share the actual larger prices.
“What we hear back, time and time again, is when we do great culinary, terrific speed, terrific customization, at the prices we’ve been able to maintain, we’re really affordable and folks view us as a terrific value,” he stated. “So, we keep a really close eye on that, and I think you’re seeing that in our transactions as a result of it.”
