The cost of doing business in California could soon be slightly more expensive with minimum wages set to increase in April. But what does that mean for menu prices at fast food restaurants that employ hourly workers?
A spokesperson for Chipotle confirmed to ABC News Thursday that as of now, the company has "not made a decision to raise prices in California to offset the anticipated labor increase in California next year."
However, on the company's most recent earnings call, CFO Jack Hartung addressed that labor cost changes will impact Chipotle's margins.
"We've been studying that... it's going to be a pretty significant increase to our labor," he said.
"We haven't made a decision on exactly what level of pricing we're going to take, but to take care of the dollar cost of that and/or the margin part of that, we haven't decided yet where we will land," he continued. "It's going to be a mid to high single digit price increase, but we are definitely going to pass this on. We just haven't made a final decision as to what level yet."
McDonald's CEO Chris Kempczinski, meanwhile, addressed the same issue on his company's Q3 earnings call Monday, saying it "is an impact that's going to hit all of our competitors" and that McDonald's will explore other areas outside of raising prices to offset increased labor costs, which is...
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