After Chipotle's solid earnings beat, CEO says the chain can double the number of locations

After Chipotle's solid earnings beat, CEO says the chain can double the number of locations

Chipotle CEO Brian Niccol advised CNBC’s Jim Cramer that the firm plans to double its present number of locations.

“We actually do consider we can double the restaurant depend to 7,000,” Niccol mentioned. “We view it as a conservative number, and we view it as one thing that is very possible in the long run.”

Tuesday after the market shut, Chipotle reported $2.52 billion in revenue, beating the $2.49 billion anticipated by analysts at LSEG, previously generally 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 capacity to provide high quality meals whereas preserving 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 mentioned he thinks Chipotle prospects are happy with the value of its meals. Chipotle announced in October of final 12 months it could enhance costs to offset inflation after a 12 months with none hikes, however did not share the precise greater prices.

“What we hear again, time and time once more, is once we do nice culinary, terrific pace, terrific customization, at the costs we have been in a position to keep, we’re actually reasonably priced and people view us as a terrific worth,” he mentioned. “So, we preserve a very shut eye on that, and I believe you are seeing that in our transactions consequently of it.”

Chipotle CEO Brian Niccol goes one-on-one with Jim Cramer

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