Saturday, July 24

Beef

analyst conference call, Beef, Chipotle, Earnings, Markets, MI Exclusive, Wages

Chipotle soars 13% to an all-time high as digital ordering and return of dine-in customers push revenue to pre-pandemic levels

Chipotle is giving away a Tesla 3. Chipotle Shares in Chipotle soared as much as 12.95% to reach new highs on Wednesday as a bumper second-quarter earnings call showed the fast-casual chain returning to pre-pandemic activity.Revenue came in at $1.89 billion, up 39% year-over-year and a hair above the analyst consensus of $1.88 billion. Chipotle opened up 56 new locations and closed five, capitalizing on a surge of digital sales, which grew nearly 11%, as well as a recovery in in-person dining. Almost half of all sales were digital.The company also saw same-store sales, which excludes sales from new stores, jump 31% year-over-year. Same-store sales had tumbled at the start of the pandemic. Likewise, margins rebounded to 24.5%, driven by price increases and falling beef prices duri...
Antitrust, Beef, Cargill, Cattle, doj, JBS, Markets, MI Exclusive

Cattle markets have been upended, and big meat producers are making 20 times normal margins as beef prices soar

John P Kelly/Getty Images Soaring beef prices are making big meatpackers fat and happy while smaller players are left cleaning up the scraps, according to a New York Times story published this week.As restaurants have reopened and with America's grilling season underway, demand has upended cattle markets. Futures contracts on ready-for-slaughter cattle have shot up 6.6% year-to-date and 27.7% in the last year. Wholesale beef prices are up 40% since March.Meanwhile, meat-eaters are already paying 5% more for ground beef and 9% for steaks year-on-year, according to NielsenIQ data cited by the Times.Elevated demand is bringing on new supply. Second-quarter beef production and beef-cow slaughter rates are up year-on-year, 1.6% and 10% respectively, according to a RaboResearch report....