Chipotle takes another step closer to margin goals with steak price hike: Truist
Chipotle stock has more than doubled over the past year
By Tonya Garcia, MarketWatch
April 7, 2021
Chipotle Mexican Grill Inc. has raised prices on its steak and barbacoa offerings according to checks conducted by Truist Securities analysts, and the move will bring the fast-casual chain closer to achieving margin goals.
Menu price checks conducted last week found a 4% price hike on the items systemwide.
Truist estimates that beef is included in 25% to 30% of the chain’s average check.
“We believe the primary driver of the menu price increase is the higher steak sales mix during the pandemic, which pressures margins,” analysts led by Jake Bartlett wrote in a note...