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Tag: Brian Niccol

  • Chipotle plans worth will increase after pausing hikes this 12 months

    Consumers order from a Chipotle eating place on the King of Prussia Mall in King of Prussia, Pennsylvania.

    Mark Makela | Reuters

    Chipotle Mexican Grill is making plans to lift costs once more.

    “For the primary time in over a 12 months, we can be taking a modest worth building up to offset inflation,” Chipotle Leader Company Affairs Officer Laurie Schalow mentioned in a observation to CNBC.

    The corporate didn’t proportion how a lot menu costs will upward push on account of the verdict.

    After peaking remaining June, inflation has cooled. Costs for plenty of items and services and products are nonetheless emerging however at a slower price. The 12-month shopper worth index rose 3.7% in August after hiking 8.3% a 12 months previous, consistent with the U.S. Bureau of Hard work Statistics.

    The burrito chain began mountaineering its menu costs in June 2021, mentioning the price of emerging wages for its workers. It raised its costs once more all over the primary 3 months of 2022 and on the other hand in July of that 12 months.

    However Chipotle paused its worth hikes as some shoppers pulled again on eating place spending and factor prices stabilized. In April, CEO Brian Niccol mentioned the chain had demonstrated its pricing energy however would cling off on elevating costs any longer. At the moment, its costs had been up more or less 10% in comparison to the year-ago length.

    3 months later, Niccol mentioned Chipotle would rethink its pricing as the corporate’s fourth quarter drew nearer.

    Chipotle’s inventory has risen 30% this 12 months, giving it a marketplace price of $50.1 billion. The corporate is anticipated to record its third-quarter income Oct. 26.

    Insider first reported that Chipotle’s costs are going up once more.

  • Chipotle Mexican Grill’s eating place site visitors grows because the chain proves its pricing energy

    Pedestrians dressed in protecting mask stroll in entrance of a Chipotle eating place in San Francisco, California, April 19, 2021.

    David Paul Morris | Bloomberg | Getty Pictures

    Chipotle Mexican Grill on Tuesday reported quarterly income and earnings that crowned analysts’ expectancies, fueled by way of higher than anticipated same-store gross sales enlargement.

    Like McDonald’s, Chipotle stated site visitors to its eating places grew throughout the primary quarter regardless of greater menu pieces. Chipotle’s menu costs are up more or less 10% from a yr previous. CEO Brian Niccol stated the chain has demonstrated that it has pricing energy.

    “We do not wish to be in entrance of the inflationary surroundings, however we additionally do not wish to fall in the back of,” he stated at the corporate’s convention name.

    For now, Chipotle is pausing worth will increase, Niccol stated on CNBC’s “Remaining Bell.”

    Stocks of the corporate rose greater than 7% in prolonged buying and selling.

    Here is what the corporate reported in comparison with what Wall Side road was once anticipating, in line with a survey of analysts by way of Refinitiv:

    Profits in step with percentage: $10.50 vs. $8.92 expectedRevenue: $2.37 billion vs. $2.34 billion anticipated

    Chipotle reported first-quarter web revenue of $291.6 million, or $10.50 in step with percentage, up from $158.3 million, or $5.59 in step with percentage, a yr previous. The corporate’s menu worth hikes and decrease avocado costs helped reinforce benefit margins in comparison with the year-ago length.

    Income climbed 17.2%, to $2.37 billion, from $2 billion throughout the year-earlier length. Identical-store gross sales rose 10.9%, topping StreetAccount estimates of 8.6%. 

    Niccol stated that higher-income customers are returning to eating places extra regularly. Even lower-income diners are visiting extra steadily than they have been within the prior six months, even though their site visitors stays down from a yr in the past. General, site visitors rose more or less 4% within the quarter, reversing final quarter’s decline.

    In February, executives stated January’s same-store gross sales grew by way of double digits. A yr previous, the corporate noticed gradual gross sales because the omicron Covid outbreak put force on staffing and led to some brief shop closures.

    Chipotle’s hen al pastor is heading in the right direction to be the chain’s most well liked limited-time protein choice ever, Niccol stated at the corporate’s convention name. The corporate introduced it in mid-March.

    Virtual orders accounted for just about 40% of gross sales throughout the quarter. Chipotle consumers were ordering their burritos and tacos extra in consumer in comparison with the year-ago length.

    Executives additionally defined adjustments coming to eating places to reinforce velocity of carrier and accuracy. The chain has been checking out new grills that cook dinner quicker and extra persistently. It has additionally been experimenting with learn how to group of workers its two make traces to stay alongside of call for from each in-person diners and virtual orders.

    The corporate opened 41 new places throughout the quarter, 34 of which integrated its drive-thru lanes reserved for virtual order pickup.

    Having a look to the remainder of the yr, Chipotle is expecting same-store gross sales enlargement within the mid-to-high unmarried digits. It is anticipating the similar vary for its second-quarter same-store gross sales enlargement, more or less consistent with StreetAccount estimates of five.8%.

    The corporate reiterated its plans to open between 255 to 285 new eating places throughout 2023.

  • Chipotle Mexican Grill to release new derivative, Farmesa Recent Eatery, in a ghost kitchen

    Chipotle Mexican Grill is launching a brand new derivative, referred to as Farmesa Recent Eatery, in a California ghost kitchen.

    It is the most recent strive through the burrito chain to department out into new cuisines. Its previous spinoffs — Asian ShopHouse and Tasty Made — befell beneath founder Steve Ells’ management and have been close down through 2017. The corporate additionally invested in Pizzeria Locale.

    Farmesa marks the primary such experiment all the way through CEO Brian Niccol’s tenure, and the corporate is taking a extra measured way this time round, leaning on its tried-and-true customizable bowls.

    The emblem could have a cushy opening in overdue February with a restricted menu and shorter hours ahead of its respectable release in March.

    Farmesa’s bowls will characteristic a protein, inexperienced or grain, two facets, considered one of 5 sauces and a topping choice. Costs will vary from $11.95 to $16.95. The emblem’s identify is a portmanteau of “farm” and “mesa,” the Spanish phrase for desk, in an try to keep in touch its farm-to-table way.

    The overall menu, created through Farmesa’s director of culinary innovation, chef Nate Appleman, will come with whipped potatoes, golden beets and the whole lot spice-crusted Ora King salmon. Appleman, who received a James Beard award in 2009, in the past helped Chipotle upload to its sparse menu within the 2000s.

    Chipotle is not making plans on the usage of its personal branding a lot for Farmesa. Nate Lawton, Chipotle’s vice chairman of recent ventures and the architect at the back of the derivative, stated the corporate will to start with introduce it to shoppers as a brand new emblem from Chipotle. And, “when the time is correct,” Lawton stated, Chipotle will use its loyalty program database to draw doable Farmesa shoppers.

    Shoppers will be capable of order Farmesa on the upcoming location at Kitchen United Combine on third Side road in Santa Monica, California, or for pickup or supply thru third-party supply apps, like DoorDash and UberEats. When opened, the Santa Monica location might be Kitchen United’s twenty fourth ghost kitchen.

    Ghost kitchens, which might be sometimes called cloud or darkish kitchens, permit eating places to organize meals only for supply. Startups like Kitchen United, which had raised $175 million lately July, space more than one eating place manufacturers inside of one location and tout their fashions as extra environment friendly since they decrease exertions and hire prices for eateries.

    For Chipotle, Kitchen United’s fashion lets in the eating place chain to check out the brand new emblem with decreased possibility.

    “Now we have actually attempted to construct in an area, cheap, versatile and speedy means to be informed, which I believe was once one of the vital key learnings we took clear of our previous paintings,” stated Lawton, who joined Chipotle final yr after twenty years at Procter & Gamble.

    Farmesa can simply tweak its menu according to buyer comments, and Kitchen United will care for expediting orders and coping with shoppers, leaving the logo to concentrate on finding out up to it may possibly. Lawton stated the preliminary location is supposed to grasp what shoppers do and are not looking for and the economics of the brand new emblem.

    And whilst Chipotle executives famous previous this month that supply gross sales fell 15% within the fourth quarter when put next with the year-earlier duration, Lawton stated Santa Monica shoppers order supply 9 instances extra steadily than the nationwide moderate, every other issue that made Kitchen United sexy for the corporate.

    For now, Chipotle’s leader goal with the site is solely to be informed, however that does not imply Farmesa would possibly not develop.

    Lawton stated there is a “number of techniques” that the corporate may just transfer ahead with the brand new emblem, even supposing it plans to stay it cut loose Chipotle eating places.

    “Whilst one location does no longer beget a sequence, we predict the Farmesa Recent Eatery emblem does sign the corporate sees a possibility to develop past its core idea using a lot of attributes of the Chipotle emblem (e.g., easy menu, ‘actual’ elements, simple operations),” Citi Analysis analyst Jon Tower wrote in a Jan. 24 notice to shoppers ahead of Chipotle formally introduced Farmesa’s release.

  • Rapid meals reigns ultimate as inflation weighs on pricier eating places

    A woman ready in line to pick out up an order at a McDonald’s eating place.

    Oleksii Chumachenko | SOPA Pictures | Lightrocket | Getty Pictures

    Rapid-food chains are taking a look like the large winners within the fourth quarter — and past — as fast-casual and casual-dining eating places combat to draw shoppers.

    Many publicly traded eating place corporations have not reported their newest quarterly effects but, however for those who have, a development is rising. Inflation-weary shoppers pulled again their eating place spending all through the vacation season, simply as they spent not up to anticipated at outlets. Savvy fast-food chains appealed to these customers with worth menus and attractive promotions, drawing in shoppers around the revenue spectrum.

    Usually, the fast-food sector fares higher than the remainder of the trade all through instances of monetary uncertainty and downturns.

    Take McDonald’s, for instance. The short-food large mentioned U.S. same-store gross sales climbed 10.3%, helped partially by way of low-income customers returning extra continuously than they’d for the prior two quarters. Executives additionally credited the luck of its Grownup Satisfied Meal promotion and the yearly go back of the McRib for its robust gross sales enlargement. Its U.S. site visitors larger for the second one consecutive quarter, bucking the trade development.

    Likewise, rival Yum Manufacturers reported cast U.S. call for. Taco Bell’s home same-store gross sales climbed 11%, boosted by way of larger breakfast orders, the go back of Mexican Pizza and its worth foods. Pizza Hut’s U.S. same-store gross sales grew 4%, whilst KFC’s ticked up 1% because it confronted tricky year-ago comparisons.

    Extra fast-food profits are on deck within the coming weeks. Burger King proprietor Eating place Manufacturers Global is slated to announce its fourth-quarter effects on Tuesday, whilst Domino’s Pizza will submit its profits Feb. 23.

    ‘We simply did not see that pop’

    By contrast to McDonald’s and Yum’s robust effects, Chipotle Mexican Grill on Tuesday reported quarterly profits and income that fell wanting Wall Boulevard’s estimates for the primary time in additional than 5 years. CEO Brian Niccol maintained that the burrito chain’s value hikes have not ended in “significant resistance” from shoppers.

    As an alternative, Chipotle executives offered a laundry checklist of the reason why its efficiency upset: unhealthy climate, the underperforming release of Garlic Guajillo Steak, tricky comparisons to the former 12 months’s brisket release and seasonality.

    Consumers order from a Chipotle eating place on the King of Prussia Mall in King of Prussia, Pennsylvania.

    Mark Makela | Reuters

    “As we were given across the vacations, we simply did not see that pop, that momentum, that we generally see … frankly, we began the quarter comfortable, and we ended the quarter comfortable,” Chipotle Leader Monetary Officer Jack Hartung mentioned at the corporate’s convention name, evaluating the decline in December to weaker retail gross sales at the moment.

    Chipotle mentioned that site visitors grew to become sure in January. Alternatively, the chain is going through simple comparisons to a 12 months previous, when Omicron outbreaks pressured Chipotle and different chains to shutter early or briefly shut places. And Financial institution of The united states analyst Sara Senatore famous in a analysis notice on Wednesday that January’s unseasonably heat climate has been supporting call for for the wider trade.

    Rival fast-casual chains have not reported their fourth-quarter profits but. Shake Shack is ready to proportion its effects on Feb. 16. Alternatively, in early January, it introduced initial same-store gross sales enlargement that fell wanting Wall Boulevard’s estimates. Sweetgreen is slated to file its effects on Feb. 23, whilst Portillo’s is scheduled for March 2.

    Informal-dining considerations

    Rapid-casual eating places’ struggles are a good worse signal for the casual-dining phase.

    For greater than a decade, casual-dining eating places have struggled to draw shoppers as Chipotle, Sweetgreen and Shake Shack have stolen their shoppers. So the likes of Pink Lobster and Applebee’s have grew to become to providing deep reductions or spending giant dollars on promoting.

    Hovering inflation has compounded the problem, in particular for eaterie corporations like Brinker Global, which is making an attempt to show round Chili’s Grill and Bar.

    A buyer walks in opposition to the doorway of a Brinker Global Inc. Chili’s Grill & Bar eating place in San Antonio, Texas.

    Callaghan O’Hare | Bloomberg | Getty Pictures

    Firstly of the month, Brinker reported that Chili’s site visitors fell 7.6% for the quarter ended Dec. 28. Brinker CEO Kevin Hochman, the previous head of KFC’s U.S. trade, advised analysts at the corporate’s convention name that the decline was once anticipated because it tries to shed much less successful transactions. Chili’s has hiked its costs and lower down on coupons as a part of the tactic.

    Extra full-service eating places are anticipated to file their effects later this month. Outback Steakhouse proprietor Bloomin’ Manufacturers is slated to make its announcement on Feb. 16.

  • Some shoppers are reducing again on eating place spending, however CEOs say no longer all chains are affected

    Howard Schultz

    David Ryder | Reuters

    Some eating places are reporting weaker gross sales or declining visitors in the second one quarter, signaling that diners are reducing again on consuming out to economize.

    However CEOs are cut up on how client conduct is converting and whether or not it is impacting their firms.

    McDonald’s Chris Kempczinski and Chipotle Mexican Grill’s Brian Niccol are amongst those that informed traders that low-income shoppers are spending much less cash at their places, whilst higher-income consumers are visiting extra steadily. Different leader executives, like Starbucks’ Howard Schultz and Bloomin’ Manufacturers’ David Deno, stated they have not observed their consumers pull again.

    The combined observations come as eating place firms hike menu costs to cross alongside larger prices for components and hard work. Costs for meals eaten clear of house have risen 7.7% within the one year resulted in June, in line with the Bureau of Exertions Statistics. Individuals are additionally paying a lot more for prerequisites like fuel, bathroom paper and groceries, stoking worries about the potential for a recession.

    Traditionally, pricier fast-casual and sit-own eating place chains most often see gross sales go to pot all through slowdowns as other people choose to stick house or pack their very own lunches. Speedy meals has a tendency to be the top-performing eating place sector as other people industry right down to less expensive foods when having a look to regard themselves.

    Extra clues about how eating behavior could be converting are in shop subsequent week, when salad chain Sweetgreen, Applebee’s proprietor Dine Manufacturers and Dutch Bros Espresso document profits.

    Here is what eating place firms have stated thus far.

    Looking for offers

    Eating place Manufacturers Global, which owns Burger King, Tim Hortons and Popeyes, stated it hasn’t observed vital adjustments in client conduct but. However CEO Jose Cil stated there is been a modest uptick in diners redeeming paper coupons and loyalty program rewards.

    “It suggests persons are in search of excellent worth for cash,” Cil informed CNBC.

    Yum Manufacturers this week reported decrease same-store gross sales within the U.S. for its KFC and Pizza Hut chains in its 2nd quarter, even though the determine rose at Taco Bell. CEO David Gibbs informed traders that the worldwide client seems to be extra wary and that the low-income U.S. client has pulled again spending much more.

    However Gibbs additionally warned that it’s onerous to generalize concerning the state of the patron. He famous the more than one elements affecting conduct, together with inflation, the absence of ultimate 12 months’s stimulus assessments, other people operating from house and other people going out once more after the pandemic.

    “That is actually probably the most advanced environments we now have ever observed in our business,” he stated.

    Chuy’s Tex-Mex, which has places in 17 states, stated it is seeing a broad-based client slowdown that can not be cut up via revenue ranges. The casual-dining chain additionally blamed record-high temperatures in Texas, which discouraged diners from sitting outdoor, the place they generally tend to drink extra alcohol.

    Nonetheless spending

    Starbucks’ Schultz reported that the corporate hasn’t observed espresso drinkers scale back their spending. He chalked it as much as the chain’s pricing energy and robust buyer loyalty. Starbucks reported 1% transaction expansion in North The united states for its fiscal 3rd quarter.

    Some eating place firms have excited about protecting costs somewhat low to attract in shoppers and achieve marketplace percentage over the contest. As an example, Outback Steakhouse proprietor Bloomin’ Manufacturers stated it determined to not lift its costs to offset inflation completely. As an alternative, its menu costs had been up simply 5.8% in the second one quarter.

    Because of this, the corporate stated it hasn’t observed diners pull again on spending.

    “We do not see shoppers managing their assessments at this level,” Bloomin’s Deno stated on Tuesday. “If truth be told, in a few of our manufacturers, we are seeing persisted industry up.”

    To mitigate inflation, Bloomin’ has been pulling again from reductions and limited-time promotions and specializing in reducing prices somewhere else. Outback’s visitors fell in comparison with 2019 ranges.

    Texas Roadhouse stated its consumers traded as much as better steaks all through its 2nd quarter. CFO Tony Robinson stated that alcohol gross sales have weakened quite however there have not been any noticeable shifts in meals ordering.

  • Chipotle value hikes power benefit expansion – and the chain says extra will increase are coming

    Folks discuss with a Chipotle eating place on February 09, 2022 in Miami, Florida.

    Joe Raedle | Getty Pictures

    Chipotle Mexican Grill on Tuesday reported disappointing gross sales as value hikes helped spice up earnings however could have scared away some inflation-weary shoppers.

    “The low-income client no doubt has pulled again their acquire frequency,” CEO Brian Niccol stated at the corporate’s convention name. “Thankfully for Chipotle, you realize, the vast majority of our shoppers are a better family revenue client.”

    The corporate additionally stated it will elevate costs once more in August, indicating that prices stay emerging for its eating places.

    Stocks of Chipotle rose greater than 8% in prolonged buying and selling.

    Here is what the corporate reported when compared with what Wall Boulevard was once anticipating, in accordance with a survey of analysts via Refinitiv:

    Income consistent with proportion: $9.30 adjusted vs. $9.04 expectedRevenue: $2.21 billion vs. $2.24 billion anticipated

    The burrito chain reported second-quarter web revenue of $259.9 million, or $9.25 consistent with proportion, up from $188 million, or $6.60 consistent with proportion, a 12 months previous. The corporate stated it confronted upper prices for key elements like avocados, pork and dairy, which offset the take pleasure in value will increase.

    Except prison prices, eating place closure bills and different pieces, Chipotle earned $9.30 consistent with proportion within the quarter that ended June 30.

    Web gross sales climbed 17% to $2.21 billion. Similar-store gross sales rose 10.1% within the quarter as customers resumed ordering their burritos and tacos at Chipotle eating places. Wall Boulevard was once anticipating same-store gross sales expansion of 10.9%, consistent with StreetAccount estimates.

    Executives informed analysts at the quarterly convention name that gross sales have slowed since Might. Alternatively, one shiny spot was once that eating places in faculty cities have observed their seasonal site visitors go back to pre-pandemic ranges. About 15% of Chipotle places are close to faculties, executives stated.

    Best 39% of transactions all the way through the quarter got here from virtual orders. The corporate stated its loyalty program has greater than 29 million contributors.

    Supply orders fell reasonably, which helped Chipotle’s margins. Whilst many shoppers love the ease of supply, third-party corporations like Doordash fee Chipotle fee charges on each and every order, weighing on its earnings.

    Taking a look to the 1/3 quarter, Chipotle is projecting same-store gross sales expansion within the mid- to high-single digits. The forecast contains subsequent month’s deliberate value will increase.

    Right through the second one quarter, Chipotle’s board authorized an extra $300 million to repurchase stocks of the corporate.

    Learn the whole profits document right here.

  • Small cities gas Chipotle Mexican Grill’s formidable North American enlargement plans

    Small cities like giant burritos, and it is fueling Chipotle Mexican Grill’s construction technique in North The united states.

    On Tuesday, the eating place chain advised buyers that it is increasing the long-term purpose for its North American footprint from 6,000 places to 7,000, in large part because of its good fortune in smaller cities. For comparability, McDonald’s has 13,443 eating places within the U.S. on my own, despite the fact that the vast majority are operated through franchisees. On the finish of 2021, Chipotle had 2,966 eating places international  — the majority of which might be corporate owned and within the U.S.

    Stocks of Chipotle have been up just about 9% in morning buying and selling Wednesday after the corporate crowned Wall Boulevard’s income estimates and shared its new construction goals.

    “We anticipated accelerating unit expansion within the coming years, however the magnitude is bigger than we expected,” BMO Capital Markets analyst Andrew Strelzik wrote in a observe to purchasers. “The upper go back small marketplace alternative is attention-grabbing as we’ve noticed an identical dynamics paintings neatly for others within the house.”

    A lady dressed in a facemas exits a Chipotle Mexican Grill eating place along with her takeout order on January 14, 2021 in Monterey Park, California.

    Frederic J. Brown | AFP | Getty Pictures

    In 2022, the chain is making plans on opening 235 to 250 new places. Beginning in 2023, it thinks it may boost up its tempo of recent gadgets to a variety of 8% to ten% a 12 months, mentioning bettering returns at the cash it is making an investment. Greater than 80% of the brand new eating places will come with “Chipotlanes,” the drive-thru lanes devoted to choosing up simplest virtual orders.

    “What Chipotlane could also be permitting us to do is cross into those small cities, the place we’ve any other handy get right of entry to level,” CEO Brian Niccol mentioned on a convention name with analysts. He outlined “small cities” as spaces with populations of 40,000 or extra folks.

    Many up-and-coming eating place chains, like Sweetgreen and Cava, have begun transferring their center of attention to suburban spaces, however Chipotle is coming into the following degree of expansion for its footprint because it opens places deeper within the suburban sprawl of the U.S. and Canada.

    Chipotle Leader Eating place Officer Scott Boatwright credit Chipotle’s recognition to the business plan below Niccol, who changed into CEO 4 years in the past after a a success stint main Yum Manufacturers’ Taco Bell. Fellow Taco Bell alumnus Chris Brandt took the reins as leader advertising and marketing officer of Chipotle and started spending on conventional promoting, like tv ads. The corporate even ran its first-ever Tremendous Bowl advert ultimate 12 months.

    “Now we’ve a countrywide presence,” Boatwright mentioned in an interview. “I believe those smaller communities, they acknowledge the emblem and spot it on social [media], on tv, and people are in point of fact popping out in throngs in those smaller communities that we now have struggled in traditionally.”

    Boatwright mentioned the chain advantages from less expensive rentals in small cities. And in spite of serving smaller populations, eating places in smaller cities are nonetheless seeing sturdy gross sales.

    “It is a in point of fact favorable place to be in,” he mentioned.

    Correction: Scott Boatwright is Chipotle’s leader eating place officer. An previous model misspelled his identify.

  • Chipotle provides meatless chorizo to its menu for restricted time

    Chipotle Plant-Primarily based Chorizo

    Chipotle new plant-based chorizo.

    Chipotle Mexican Grill is kicking off 2022 with a brand new menu merchandise: meatless chorizo.

    Plant-based chorizo is the corporate’s first new meatless protein possibility because it added tofu-based sofritas in 2014.

    Beginning Monday, consumers national can upload the choice for a restricted time. The plant-based chorizo is made with pea protein, chipotle peppers, tomato paste, garlic, Spanish smoked paprika and olive oil.

    The choice is qualified vegan and comprises 16 grams of protein consistent with serving. Chipotle examined plant-based chorizo in Denver and Indianapolis in August.

    Beneath CEO Brian Niccol, who in the past led Yum Manufacturers’ Taco Bell, the corporate has sped up including new menu pieces via a procedure known as “stage-gate checking out.” The chain has been strategic with new releases, making lots of them limited-time choices to power buyer visitors to its eating places and to stay the menu from turning into bloated.

    The burrito chain hasn’t had the most productive success with chorizo up to now. It all started providing the meals merchandise in 2016 however pulled it in desire of queso, announcing on the time that chorizo simplest accounted for three% of protein gross sales. It relaunched the beef as a limited-time be offering in overdue 2018.

    However Chipotle mentioned the plant-based chorizo earned sturdy critiques from consumers throughout its checking out. It’s being promoted as an addition to the Whole30 meal possibility, vegan and vegetarian bowls, which goal customers who adhere to sure diets. The way of life bowls are simplest to be had to reserve during the corporate app and site.

    Stocks of Chipotle climbed 26% in 2021, elevating its marketplace price to $49.4 billion. Sturdy virtual gross sales enlargement and a handful of limited-time menu pieces lifted the inventory, regardless of the wider eating place trade’s setbacks because of the pandemic.