Chipotle Mexican Grill posts upbeat first quarter results, fueled by menu price hike
The positive results are the first q...
Chipotle Mexican Grill posted better-than-expected earnings in its first quarter, on the back of menu price hikes.
The positive results are the first quarterly report to come under the leadership of CEO Brian Niccol who came over from rival Taco Bell last month.
The Mexican restaurant chain said that net income rose to $59.4mn in its first quarter, up from $46.1mn.
The American chain also said that its total revenue climbed 7.4% to $1.15bn during the period.
- Pizza Hut Europe appoints new Managing Director
- Coca-Cola posts upbeat first quarter results thanks to focus on healthier drinks
- Activist investor Jana Partners takes 9.1% stake in Pinnacle Foods
Chipotle said that the average check size - a calculation of the average transaction amount - rose 4.9% during the quarter, helped by the price hikes which it began it implement in April.
"While the company made notable progress during the quarter, I firmly believe we can accelerate that progress in the future,” said Brian Niccol, chief executive officer.
“We are in the process of forming a path to greater performance in sales, transactions, margins and new restaurants,” he added.
“This path to performance will be grounded in a strategy of executing the fundamentals while introducing consumer-meaningful innovation across the business. “
The restaurant chain, best known for its burritos, also announced that its Board had approved an additional investment of up to l $100mn to buy back shares.
New inclusive restaurant in New York, Contento
After a difficult year for the hospitality industry, a new New York restaurant, Contento, has raised the bar, by making it accessible to those with disabilities.
Contento beverage director, Yannick Benjamin, who uses a wheelchair, was tired of straining his neck each time he looked up at a customer. He and business partner George Gallego, who also uses a wheelchair, have designed a restaurant for people with disabilities to enjoy for a glass of wine or a night out, as the world gets back to normal.
Contento is a barrier free restaurant, inclusive of those with disabilities
Over the pandemic period, working from home has led to the evolution of hybrid working, an option which gives equal access to those with a disability.
Now as life gets back to normal, some hospitality businesses are adapting to make sure their buildings are inclusive.
Contento is a ‘barrier free restaurant’ where all customers are welcomed and catered for.
At Contento, half of the bar is low enough for people in wheelchairs to come up and order a drink, without the bartender looking down at them.
"There's a power dynamic that's quite annoying," said Benjamin. "I'm looking at [customers] and I've got to strain my neck."
But at Contento, customers who use a wheelchair can be eye-to-eye with Benjamin when they order. In addition:
- The space between tables is wide enough for wheelchairs to pass in between (which will also be useful for social distancing).
- Customers with visual impairments can scan a QR code on the menu, to have the menu read out loud to them.
The new normal is inclusive
15% of the world’s population lives with a disability. Each of these people deserve a seat at the table in their local bar.
"The key is that anyone who has a disability would be able to walk in here freely and comfortably," said Benjamin.
The world may be slowly getting back to normal, but for some, it will be even better.