Fast Casual: Chipotle’s CFO Reports $40-$50 Million in Savings in 2018 From Lower Income Tax Rate

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Fast Casual: Chipotle’s CFO Reports $40-$50 Million in Savings in 2018 From Lower Income Tax Rate
Fast Casual: Chipotle’s CFO Reports $40-$50 Million in Savings in 2018 From Lower Income Tax Rate
After a long year of rebuilding, the chain sees revenue increases in its future from new tax law.

Chipotle CFO Jack Hartung has made some positive announcements regarding the brand’s financials this year and from the last quarter. According to a recent Fast Casual article, the company’s revenue increased 7.3 percent in the fourth quarter of 2017 and due to the tax law change, will result in savings of $40 to $50 million in 2018.

"We plan to invest more than one-third of these tax savings in our people, including by making all of our restaurant managers and crew eligible for a one-time cash bonus, awarding one-time stock bonuses to a broad group of staff employees, and enhancing a number of other benefits such as parental leave and short-term disability, all to help position Chipotle as the employer of choice in the restaurant industry," said Hartung.

After numerous changes to leadership and operations in 2017, the brand is finally seeing some success at the start of the new year. Chipotle is still on the lookout for a new CEO and is planning for 130 to 150 restaurant openings in 2018.

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