Chipotle (CMG) proved that its pricing power was here to stay in its latest earnings report. The fast-casual chain saw a 10.9% boost to same-store sales along with a renewed return to in-person dining, which jumped 22.9% since the same quarter last year despite raising prices roughly 10%.
Chipotle CFO Jack Hartung told Yahoo Finance Live that the company doesn't have "a great crystal ball in this kind of environment" when it comes to predicting pricing fluctuations, but they continue to hope for stabilization.
"We still think there's likely to be some pressure on beef," he says. "We haven't seen that inflation in what we've bought so far in the first quarter, but we think that may come down the road," he adds.
Despite an unpredictable inflation landscape, Hartung says they "don't have any plans to make any price increases."
You can watch Julie Hyman, Brad Smith and Brian Sozzi's full interview with Jack Hartung here.
Key Video Moments:
00:00:08 - Mixed pricing picture
00:00:28 - We don't have a crystal ball
00:00:48 - No price increase plans
