Chipotle’s results were lifted as avocado prices fell and a new TikTok-inspired menu item led to record online sales, the burrito chain's finance chief said
after the fast-food chain reported first-quarter results that beat analysts’ expectations. Quarterly and comparable sales were up, and its restaurant-level operating margin improved by roughly 25%.Lower-than-expected avocado costs have helped the company’s margins, offsetting higher costs for other items such as oils and tortillas. The average price for each Hass variety of avocado was $1.32 last week, down around 18% from around a year ago, according to the U.S. Department of Agriculture.
CFO Journal talked to Mr. Hartung about food and labor inflation, pricing considerations as consumers face the potential of a recession and the new TikTok-inspired menu item. His responses have been edited for length and clarity.Laura McDermott/Bloomberg News Looking at food inflation, costs for most ingredients a year ago or over the last 18 months were going up and the projection was [that they] were going to go up again as you looked forward. Now, what’s happened to us is, in the first quarter, we had zero net inflation with our ingredients. A number of things went up, but a couple of things went down, so they offset each other. It’s a very different dynamic.
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