Latest news with #restaurant industry
Yahoo
7 days ago
- Business
- Yahoo
Chipotle Stock Drops as Company Eyes Flat 2025 Same-Store Sales
Shares of Chipotle Mexican Grill (CMG) dropped late Wednesday after the burrito-and-bowl chain scaled back its same-store sales outlook, again. Chipotle's stock was recently off some 10% in late trading, sliding after a regular session in which it rose a bit less than 1%. (Read Investopedia's full coverage of today's trading here.) The shares, down roughly 12% this year through today's close, were looking at a move below $50, which they haven't touched in more than a month. The company in a statement said it expects same-store sales to come in "about flat" this year. That's a downbeat update to the "low single digit" growth rate it reported when it turned in first-quarter results—which was itself a lower-than-first-projected figure, since at the start of the year management pointed toward low to mid-single-digit growth. Chipotle said second-quarter revenue rose 3% year-over-year to $3.1 billion, while comparable-restaurant sales fell 4%. Adjusted earnings per share came in at $0.33. The sales and EPS figures were in line with Visible Alpha's consensus estimates. "I am optimistic that our positive momentum will continue as we further support our world-class people with new tools to improve execution, introduce new menu innovations, amplify our rewards program, and introduce this great brand to more communities around the globe," CEO Scott Boatwright said in a statement. Read the original article on Investopedia
South China Morning Post
23-07-2025
- Business
- South China Morning Post
Imported workers ‘lifeline' for struggling Hong Kong restaurants: trade chiefs
Restaurant industry leaders have defended Hong Kong's labour importation scheme as a crucial 'lifeline' for their struggling sector, arguing that it injects much-needed new blood and improves service standards rather than taking jobs from local workers. They also dismissed accusations that operators were using the scheme to hire cheap labour, insisting the total cost of employing an imported worker, including accommodation and medical expenses, was higher than for a local employee. Their backing on Wednesday followed a wave of restaurant closures and concern over rising unemployment in the catering industry, which has been hit hard by a shift in consumer habits and a persistent manpower crunch since the pandemic. 'If we had been able to import labour sooner, I believe the recent wave of closures could have been avoided,' legislator Tommy Cheung Yu-yan, who represents the catering sector, said at a briefing. He argued that sufficient manpower was key to improving service and food quality, which had fallen behind competitors in the Greater Bay Area. The city's supplementary labour scheme was expanded last year to cover 26 roles, including waiters and junior chefs, in a bid to ease chronic staff shortages.
South China Morning Post
17-07-2025
- Business
- South China Morning Post
How can Hong Kong restaurants survive as Shenzhen draws diners away?
By now, it's clear that the Hong Kong restaurant industry's malaise is profound and structural. The difference in food prices between mainland China and more expensive Hong Kong makes it impossible for the latter to compete in terms of value for money. Right now, there is a dearth of useful suggestions from industry experts on how to make Hong Kong more competitive, except for vague recommendations about elevating the city's offerings and improving the quality of service. Let me tell you, the problem isn't bad service and boring menus. A discount campaign banner at a restaurant. Hong Kong restaurants would have to knock a lot off their prices to compete with Shenzhen's in terms of value for money. Photo: Shutterstock
