Starbucks’ stock shot up more than 22% on Tuesday, Aug. 13, when the company announced it is swapping out CEOs. Laxman Narasimhan is out effective immediately, while the coffee giant poached Chipotle CEO Brian Niccol to turn things around like he did for the burrito business.
Niccol has been CEO of Chipotle since 2018. He will take over at Starbucks on Sept. 9.
Less than two years ago, Starbucks thought it had the right person for the job in Narasimhan, who took over for longtime CEO and Chairman Howard Schultz in March 2023.
“It’s a great day for Starbucks,” Schultz said when they announced Narasimhan in 2022, several months before he was set to take the reins. “I feel like we have a No. 1 draft choice.”
But sometimes first-rounders do not pan out. In the 17 months Narasimhan led Starbucks, the stock dropped nearly 23%.
By comparison, over the same time, Niccol and Chipotle saw the company share price rise more than 73%. Under Niccol’s tutelage, Chipotle’s stock soared more than 700% since 2018.
On news it was losing its CEO, Chipotle was down more than 12% Tuesday morning. COO Scott Boatwright was named interim CEO.
What’s souring Starbucks?
Starbucks has been struggling with store sales in and out of the U.S. Traffic and sales are huge disappointments in the U.S. and China. For both countries, customers seem to be gravitating toward cheaper options.
After a big earnings miss, Schultz, who is no longer officially affiliated with the company, wrote in an open letter.
“I have emphasized that the company’s fix needs to begin at home: U.S. operations are the primary reason for the company’s fall from grace,” Schultz wrote. “The stores require a maniacal focus on the customer experience, through the eyes of a merchant. The answer does not lie in data, but in the stores.“
Just a couple of weeks ago, Brian Niccol spoke with CNBC about how Chipotle was increasing growth while other companies lost customers to the value-meal route.
“And that’s really a testament to our operators executing great throughout, our restaurants being staffed correctly, being deployed correctly,” Niccol said. “And then our marketing really hit with some terrific menu news around chicken al pastor. The value proposition of Chipotle really hinges on great culinary: Providing great customization with terrific speed. And one of our key equities is these generous portions we provide. And I think our teams have done a fabulous job of doing that.”
Can Niccol right the ship?
Niccol is no stranger to turning a ship around. He is credited with Chipotle’s rise from disgrace.
After years of bad press over foodborne illness, former Taco Bell CEO Niccol took charge of Chipotle in 2018. The stock has far outperformed the market during that time as Niccol steered the company past E. coli, the pandemic and inflation.
If there is a question mark in the Niccol hire for Starbucks, it is his lack of recent experience in China. Chipotle is barely an international player and not present in China, while China is Starbucks’ second-biggest market.
But if Starbucks’ board is taking Schultz’s advice to heart that domestic operations is where the problem starts, his resume is as stuffed as a Chipotle burrito on a good day.
Trump, Harris agree on eliminating tip taxes; economists raise red flag
Democratic presidential nominee Vice President Kamala Harris and Republican candidate former President Donald Trump agree on at least one thing: they both want to eliminate taxes on tips. While that sounds great to many workers who benefit from tips, financial experts say it could actually end up costing billions.
According to the public media outlet Marketplace, 2.5% of the U.S. labor force earns money from tips, but 1 in 3 make an income so low, it’s already not taxed.
Here’s where the issue arises. Let’s say two people work at a restaurant, but Person A is a hostess and Person B is a server. Both make about $30,000 a year, however, for Person B, a chunk of that comes from tips, while it doesn’t for Person A.
That means come tax time, Person A is stuck paying more in taxes than Person B even though they make the same amount of money.
The federal minimum wage for tipped workers is $2.13 per hour, but workers must make at least the federal hourly minimum wage of $7.25 once tips are included or their employers must cover the difference. Many states and municipalities have higher minimum wages and minimum tipped wages than the federal standard, while some states have eliminated lower minimum wages for tipped workers altogether.
The Tax Foundation, a research think tank, estimates eliminating taxes on tips could actually end up costing more than $100 billion in tax revenue over the span of 10 years.
And depending on how the tax cut is structured, economists on both sides of the aisle warn that the loss could pile onto federal deficit, negatively impact Social Security and Medicare, and open a loophole for high-end earners like financiers to recategorize their income to shield it from taxes.
White Castle becomes latest restaurant to join value meal wars
White Castle is latest chain to join the value meal wars as restaurants try to attract inflation-worried customers who might be thinking of dining at other places or just staying at home. The company has cut the cost of its burgers by more than 30%.
For a limited time, the Ohio-based chain is selling shareable sacks of 10 cheese sliders for $7.99 — that’s less than 80 cents per burger. The last time White Castle burgers were available for that price was in 2011.
“Customers are making leftovers last longer as food prices have gone up,” White Castle Vice President Jamie Richardson told The New York Post. “We are known for value. We are leaning into it more now.”
White Castle is flipping prices at its 335 stores to compete with the competition, including its larger rivals like McDonald’s, Burger King and Taco Bell who each have unveiled a value meal of their own.
As McDonald’s fought back against what it called “inaccurate” reporting about its pricing earlier this year, the fast-food giant introduced its $5 value meal. The meal includes a choice of a McChicken or McDouble, and four-piece Chicken McNugget, small fries and a small drink.
The deal is staying around through August, which is longer than originally planned. In an internal memo obtained by multiple news outlets, McDonald’s executives wrote, “When our customers are ordering the $5 Meal Deal, they aren’t visiting the competition, and early performance shows this deal is meeting the objective of driving guests back to our restaurants.”
The competition is also bringing on the value. Burger King’s $5 Your Way meal offers three different sandwich options, Taco Bell’s Luxe Cravings Box includes two different types of tacos, a burrito and more for $7. Starbucks’ Pairing Menu gives customers the option of buying a drink and a breakfast item for $5 or $6.
Other chains like Wendy’s, Popeyes, Jack in the Box and Sonic have all launched new deals. But these companies now not only have to compete with each other but also with restaurants from outside the fast-food space.
Fast casual chains like Applebee’s and Chili’s have called out their fast-food rivals, even in their commercials. These restaurants, no matter the category, are all trying to hold onto their place in the dinner conversation of cost-conscious Americans.
Harris introduces Walz; Vance speaks to supporters during Philly rallies
Vice President Kamala Harris introduced Minnesota Gov. Tim Walz as her running mate while Ohio Sen. J.D. Vance spoke to supporters during separate rallies in Philadelphia. And U.S. officials say a Pakistani national with ties to the Iranian government has been arrested in connection with a plot to kill American politicians. These stories and more highlight The Morning Rundown for Wednesday, Aug. 7, 2024.
Harris introduces Walz; Vance speaks to supporters during Philly rallies
Both major political parties made a showing in Philadelphia on Tuesday, Aug. 6. Vice President Kamala Harris and her newly picked running mate Gov. Tim Walz, D-Minn., held their first rally together. In a dueling rally nearby, former President Donald Trump’s running mate Sen. J.D. Vance, R-Ohio, made his first stop in the city since joining the Republican ticket.
Harris joined Walz on stage in front of thousands of people at a rally and in front of millions of voters across the country who tuned in.
Polls show 71% of Americans are not familiar with Walz. The Minnesota governor got the opportunity to introduce himself in battleground territory and took aim at the vice presidential pick on the other side.
“Like all regular people, I grew up with in the heartland,” Walz told supporters. “J.D. studied at Yale, had his career funded by Silicon Valley billionaires and then wrote a bestseller trashing that community. Come on. That’s not what middle America is. And I got to tell you, I can’t wait to debate the guy.”
At Vance’s rally, he responded to the news of Walz being Harris’ selection for vice president.
“Tim Walz’s record is a joke,” Vance said. “He’s been one of the most far left radicals in the entire United States government at any level. But I think that what Tim Walz’s selection says is that Kamala Harris has bent the knee to the far left of her party, which is what she always does.”
Vance also criticized Harris for not doing a sit-down interview with the media since becoming the presumptive nominee of the Democrat Party 17 days ago.
Harris will be hitting at least five battleground states in the days to come as the Democratic National Convention (DNC) approaches later in August.
Trump announces ‘major interview’ with Elon Musk
Former President Trump has announced he will be sitting down with Elon Musk for an interview on Monday, Aug. 12. Trump made the announcement on his Truth Social platform Tuesday, Aug. 6, saying, “On Monday night [Aug. 12] I’ll be doing a major interview with Elon Musk — details to follow.”
In July, the tech mogul endorsed Trump following the assassination attempt on the former president during a rally in Pennsylvania.
Pakistani national with ties to Iran charged in Trump assassination plot
The Department of Justice says it’s arrested a Pakistani national with ties to the Iranian government in connection with a plot to kill American politicians and officials. Multiple sources said one of the main targets was former President Trump.
Asif Merchant, 46, is charged with murder for hire after DOJ officials said he flew from Pakistan to the U.S. to recruit hitmen for the plot. They said one of the so-called “hitmen” he contacted was a confidential informant for the FBI.
Trump’s security was increased in June after authorities learned of an Iranian plot to kill him. This was before the assassination attempt at a Butler, Pennsylvania rally and is not related to those events, according to the FBI.
Officials said there’s been dozens of aftershocks ranging in magnitude between 2.5 and 4.5 following the initial rumblings that began around 9 p.m. local time. Seismologists called it “a pretty active sequence in such a short amount of time.”
Hamas names Oct. 7 attack mastermind as new leader
Hamas has named its new leader following the assassination of former leader Ismail Haniyehin Iran. Yahyah Sinwar, known as the mastermind behind the Oct. 7 attack, is now leading the terror group.
The move is likely to provoke Israel, which has had Sinwar at the top of its most wanted list since that deadly attack ten months ago. The Israeli military responded to Sinwar’s appointment, vowing to take him out as well.
Cori Bush loses Missouri primary; Michigan Senate race is set
Media projections show Democratic congresswoman and “squad” member Rep. Cori Bush, D-Mo., lost her primary race in Missouri Tuesday, Aug. 6. Bush has been a vocal critic of Israel in its war against Hamas, and pro-Israel groups spent upwards of $10 million on efforts to unseat her.
In Michigan, a battleground territory, former U.S. Rep. Mike Rogers won the Republican nomination for a U.S. Senate seat, setting him up to face Democratic Rep. Elissa Slotkin in the November election.
Restaurant chain Buca di Beppo files for Chapter 11 bankruptcy
The restaurant chain Buca di Beppo has filed for bankruptcy protection. The privately owned company says revenue never fully recovered after the COVID-19 pandemic.
As part of its bankruptcy, the three-decade-old business said it began closing underperforming restaurants this year, including a dozen locations in July alone.
It will also restructure the rest of its 44 locations, but said it will continue to serve its family-size portions that has been Buca’s staple.
Hocker, Thomas bring home gold for the US on the track
The U.S. took home two Olympic gold medals on the track in Paris on Tuesday. That brings the team’s gold medal count to 24 and the overall total to 86.
First, Cole Hocker won the men’s 1,500-meter relay, coming from behind in the final seconds to set an Olympic record at 3 minutes and 27.65 seconds.
Then Gabby Thomas earned her first Olympic gold medal, winning the women’s 200-meter final after taking the bronze back in Tokyo. Thomas crossed the finish line in 21.83 seconds to give the U.S. its first gold in the event in 12 years.
One thing Americans overwhelmingly agree on is Biden’s call to drop out: Poll
With the upcoming 2024 presidential election, it may seem like divisions have gotten worse amongst Americans. However, while there may be a lot they don’t agree on, one recent political decision is garnering widespread support. A new poll from The New York Times/Siena College on Thursday, July 25, revealed that 87% of registered voters agree with President Joe Biden’s decision to drop out of the race.
Democrats and Republicans likely have different reasons for supporting Biden’s decision. Democrats reportedly mostly approve of his performance in the Oval Office but see his exit as the right political move, while Republicans largely disapproved of his performance overall.
However, only a few other issues draw more consensus in polling than Biden’s decision to exit the race. So what else do Americans agree on?
According to numbers compiled by the New York Times, 89% of Americans always or sometimes tip at a sit-down restaurant. Of those polled, 91% had a negative view of North Korean dictator Kim Jong Un and 90% approved of former President George W. Bush’s handling of his job in the wake the terror attacks of Sept. 11, 2001.
Furthermore, 89% said they believe that an affair is morally unacceptable and 88% said they think marijuana should be legalized for medicinal purposes.
Additionally, 86% of those surveyed said that they believe small businesses have a positive effect on the country, and 86% had an unfavorable view of Russia. Meanwhile, 85% of Americans said that cloning humans is morally wrong.
While these issues may be more lasting, the Biden decision consensus is an evolving one. Polling shows many Democrats did not want Biden to exit the race before his decision but eventually made peace with it.
Two weeks ago, a poll of Pennsylvania voters revealed that just 46% of Democrats thought that Biden should drop out while 48% said he should remain in the race. This week’s poll found 91% of Democrats approved of his exit while 86% of Republicans and 85% of Independents approved of his decision.
Biden was adamant three weeks ago, saying that he would only quit the race if the “the Lord Almighty told him to.”
However, it turns out that a higher number of voters supported him dropping out of the presidential race than the 81% who reportedly believe in the “Lord Almighty.”
Ohio court rules ‘boneless’ chicken wings can have bones
According to the Ohio Supreme Court, “boneless wings” may not always be completely bone-free. This clarification followed a lawsuit by Michael Berkheimer, who sued a restaurant after a bone fragment from “boneless wings” he ate in 2016 lodged in his throat, causing serious health issues.
He sued the restaurant for negligence and breach of warranty. The Ohio Supreme Court ruled that the term “boneless wings” refers to a cooking style rather than guaranteeing the absence of bones, stating it’s common knowledge that chickens have bones.
Despite Berkheimer’s ordeal, the court upheld the lower courts’ decision to dismiss the lawsuit in a narrow 4-3 majority. The dissenting justices argued that the term “boneless” should unequivocally mean without bones.
Arson attacks disrupt train travel ahead of Paris Olympics opening ceremony
With just hours to go before the Olympics opening ceremony, arson attacks disrupted traffic on France’s high-speed train lines. And following a Supreme Court ruling banning sleeping in public spaces, California Gov. Gavin Newsom issued an executive order to remove homeless encampments. These stories and more highlight The Morning Rundown for Friday, July 26, 2024.
Arson attacks disrupt train travel ahead of Paris Olympics opening ceremony
Authorities are investigating what’s being called “a malicious attack” on France’s high-speed rail network. According to authorities, arsonists set a series of coordinated fires to disrupt travel just ahead of the Paris Olympics opening ceremony.
It’s already causing delays and is expected to “severely impact” commuters until at least the end of Sunday, July 28. The railway operator said the fires were deliberately set to damage its installations.
This incident is likely to add some apprehension ahead of the much-anticipated Paris Olympic Games.
France has beefed up its security surrounding the world event in unprecedented levels. There will be more than 45,000 police, 10,000 soldiers and 2,000 security agents deployed, as well as several snipers and drones keeping watch from above as the games officially get underway.
Officials: Man pushing burning car into gully started California wildfire
Wildfires are raging in the west and the impact of the wildfire smoke is being felt as far as the East Coast. It’s California’s largest wildfire of the year, dubbed “The Park Fire,” burning north of Sacramento near the city Chico.
Authorities said they know how it started and have a suspect in custody. They said 48-year-old Ronnie Dean Stout II of Chico, California, pushed a burning car into a dry gully just before 3 p.m. local time on Wednesday, July 24. He has been arrested on suspicion of arson.
The Park Fire is larger than the size of the city of Atlanta and is only 3% contained.
It’s also not the only fire consuming the time and energy of firefighters and officials. Hundreds of wildfires are spreading throughout California, Oregon and Canada, forcing thousands of evacuations.
In Oregon, fires have been ablaze for days, burning nearly 1 million acres.
The impact of wildfire smoke across the nation is expected to worsen throughout the weekend.
California governor issues executive order to remove homeless encampments
The order offers guidance on how to remove the encampments in a humane way. It also makes it clear the decision to remove encampments is up to individual cities.
California has the largest unhoused population in the country, with more than 180,000 people experiencing homelessness.
U.S. arrests Mexican drug cartel leaders “El Mayo” and “El Chapo’s” son
U.S. authorities said they’ve arrested a Mexican drug kingpin who’s evaded capture for decades. Federal agents lured Ismael “El Mayo” Zambada across the border into Texas, where they took him into custody.
“El Mayo” is described as the leader of the powerful Sinaloa cartel, which authorities said has been flooding the U.S. with deadly fentanyl.
Joaquin Guzman Lopez, the son of the cartel’s infamous co-founder and former boss Joaquin “El Chapo” Guzman, was also arrested. “El Chapo” is currently serving a life sentence in a U.S. prison.
Harvey Weinstein hospitalized with COVID-19 and double pneumonia
Former Hollywood movie mogul Harvey Weinstein — who’s been sentenced to 16 years in prison after being found guilty of rape — has been hospitalized. His representative said Weinstein is facing a “myriad of health conditions,” including COVID-19 and double pneumonia.
The 72 year old is currently awaiting retrial in Manhattan on sex crime charges after his conviction was overturned on appeal in April. He is tentatively set to be retried in November.
His rape sentence comes out of a conviction in Los Angeles, but he’s being held in a New York prison while waiting for retrial.
Ohio court rules ‘boneless’ chicken wings can have bones
According to the Ohio State Supreme court, customers who order boneless wings should not expect them to be boneless. The ruling stems from a case brought on by a man who said he developed medical problems after a tiny bone fragment became lodged in his throat after he ate boneless wings at a restaurant in 2016.
He sued the restaurant for negligence and breach of warranty. However, the Ohio justices ruled that the term “boneless wings” actually refers to the cooking style and said in its ruling that it’s “common knowledge that chickens have bones.”
American canoeist Casey Eichfeld looks for gold at historic 4th Olympics
This is the fifth installment in our weeklong series taking a closer look at Team USA members and their sports as the Paris Olympics get underway.
Casey Eichfeld is many things: a husband, father, Olympian and a self-described Disney fanatic.
“We got married at Disney World in Epcot,” he told Straight Arrow News, confirming he and his wife’s Disney devotion.
Straight Arrow News asked him to explain the rules of the sport. He gave a concise explanation:
“Canoe slalom is a series of gates hanging over a whitewater river. Athletes have to navigate those gates and there will be 18 to 25 of them. Fastest time wins. If we touch a gate we incur a 2-second penalty. If we miss a gate, go through it upside down or the wrong direction, we get a 50-second penalty. And that’s really about it.”
But that’s far from it when we’re talking about Eichfeld who will be making history in his sport for most Olympic appearances. He was, in a way, born for canoeing.
“My parents had a boat waiting for me before I was born so I don’t know if I was really given that much choice,” Eichfeld said with a laugh.
So once he started he said everything clicked — a perfect fit like Cinderella’s glass slipper — and he fell in love with the sport.
In 2008, he qualified for his first Olympics in Beijing at 18 years old. It was an experience he called “super surreal,” especially being part of the opening ceremony.
“That’s one of the memories that will stay with me all of my life, particularly my first opening ceremonies,” Eichfeld said. “There’s 550 of us, we’re walking through the tunnel into the bird’s nest and everyone’s chanting ‘USA!’ ‘USA!’ It gives me chills every time I think about it.”
Eichfeld said it’s not just the memories on the water that stick with him. He said he has plenty of other stories to share.
“I have a memory of hanging out at our athlete’s lounge in our village building, chilling out, watching other sports — Michael Phelps walks in,” Eichfeld recalled. “He’s like, ‘Hey are there any Uncrustables left?’ I said, ‘Dude, I got you.’ I took him right to the fridge that had them, had a coffee together, chatted a little bit. “‘It’s cool to see you. I’m not at all starstruck.’”
After placing 7th at the Rio Games in 2016, his highest placement yet, but then not qualifying for Tokyo 2021, Eichfeld contemplated retirement. He was starting a family and wondering if it was time to turn the page on his Olympic quest, but, like Moana, the water called to him.
“I had to make the decision: if I’m going to do this, I’m going to do this,” Eichfeld said. “There’s no messing around with this. If I’m going to take the time to be away from my family, as much as I need to be, then I really need to put the effort in and it paid off.”
At 34 years old, Eichfeld is now the veteran among his Team USA crew. He’s already thinking ahead, not just about his Olympics dreams, but the ones coming true at home, too.
“I’m really happy with my decision [to compete], now I get to make that decision again,” Eichfeld said. “We got a home Olympics coming and we have a baby boy coming at the end of October. So big, big year for me.”
“I like to add big things to my Olympic years. In 2016, my wife and I got married in December and this time, we’re having a baby two months after the Olympics. So why not make it a big year, a really memorable year?”
With his family in Paris motivating him, Eichfeld is looking to bring home the gold this time around and then celebrate in style.
“I want to prove that I belong here and even in my advanced age that I can still throw it down,” Eichfeld said. “So I’m fighting for the podium. I want to be up there. And then when I get home I want to go Disney.”
A third of Americans say tipping culture is out of control: Survey
More and more Americans are starting to think tipping culture is getting out of control, according to a new survey. That same survey also found people are getting stingier when it comes to tipping for certain services.
The survey by finance comparison site Bankrate looked at multiple categories, including tipping restaurant waitstaff, rideshare and taxi drivers, hairdressers and food deliverers. It found tipping frequency across all categories has declined over the past few years.
Bankrate found the number of Americans who think tipping culture has gotten out of control is 35%, up 5% from last year. It also found a little less than two-thirds have some negative perception of tipping.
Older generations like baby boomers and Gen Xers have more negative attitudes about tipping. Bankrate found 72% of baby boomers and 62% of Gen Xers reported having at least one negative view on the matter. It was lower for younger generations — with 51% of millennials and 45% of Gen Zers reporting at least one negative take.
The survey found the percentage of people who always tip for services like a haircut, eating at a sit-down restaurant or taking a taxi ride increased slightly compared to 2023. However, each is down at least 7% compared to 2021.
The survey also found quality of service is still the biggest factor for most tippers. Sixty-four percent of people said the amount they tip is based on service. However, 10% said they always tip the same amount, regardless of service quality.
A big driving source behind the tipping burnout could be “tipflation,” the widespread expansion of gratuity to more industries. Customers are often prompted to leave a tip, even if they have had minimal or no contact with an actual person during the transaction.
About 34% of respondents to Bankrate’s survey said they were annoyed by pre-entered tip screens, and the survey found those screens can result in a smaller tip.
Just 14% of people said they tip more when given a pre-entered tip screen, while 25% of people said they tip less or not at all when given one. In fact, the survey found tipping for coffee shop baristas, furniture and appliance delivery workers, and takeout food workers is down from 2023.
Red Lobster shutters 48 stores across 27 states amid uncertain future
On Monday, May 13, the founder and CEO of a liquidation firm announced he’s leading the closure efforts of 48 Red Lobster locations. The seafood chain will have the locations’ kitchen equipment and more auctioned off as questions linger about the company’s long-term future.
Some customers looking to get a bite were blindsided by the news in Mira Mesa, California.
One employee was shocked to learn his job was cut after not getting word from corporate and instead finding out from a coworker.
“I’m getting calls after calls this morning and my boy Don called me and he’s like, ‘You should come in right now,’” Ramon Garcia said. “I’m like, ‘Why, I’m off today,’ and he’s like, ‘Man, you just need to come in because there’s a lot of stuff going on.’”
Corporate operations reportedly told the workers that they have three days to clean out the restaurant.
Meanwhile, the restaurants impacted span more than 20 states in total. The closings are a sign that Red Lobster could be in the red. The chain is reportedly considering filing for bankruptcy protection.
Once considered an innovator in affordable dining, the chain has declined in recent years. Restaurant analysts blame factors such as corporate mismanagement. For instance, putting endless shrimp on the menu instead of leaving it as a promotion, as it had been for the past 18 years. The menu addition reportedly cut into the company’s profits and hurt customer service.
The Thai Union Group PCL — which owns Red Lobster — blames the COVID-19 pandemic and rising food costs from inflation for some of its financial troubles.
Other factors cited by restaurant analysts include the emergence of fast-food casual chains, taking away some of Red Lobster’s customer base and the chain cycling through four CEOs since 2020.
‘Out of control’: Receipt from Five Guys sparks online backlash
A recent receipt from Five Guys sparked debate about high prices at fast-food restaurants and inflation. The receipt displays a total of $24.10 for a bacon cheeseburger combo, including tax and tip.
The image gained viral traction on Reddit, amassing nearly 25 million views.
Online users engaged in debates regarding the higher prices, some labeling them as “out of control,” while others defended the chain’s commitment to quality ingredients.
In response, Five Guys attributed its higher prices to the use of fresh ingredients, complimentary toppings, peanut oil fries and larger portions.
Inflation reached its peak in June 2022 at 9.1%, impacting fast-food chains. This consequently increased costs to consumers.
Sales at McDonald’s and Yum Brands — the parent company of KFC, Taco Bell and Pizza Hut — have been lackluster.
Taco Bell is actively promoting its value menu, offering 10 items for $3 or less.
Chipotle experienced an 8.4% sales increase in the fourth quarter of 2023. The chain attributed it to the reintroduction of carne asada and a menu price adjustment in October, as reported by NBC News.
Inflation and external factors, such as conflict in the Middle East, have also played a role in impacting business operations.
