Thursday March 9, 2023, 07:00:00
By Mark Kalinowski
The most recent 10-K for Starbucks (SBUX; Buy, $102.50) lists, as a deferred tax asset, about $1,662.6 million for “Stored value card liability and deferred revenue.” In other words, Starbucks has sold nearly $1.7 billion worth of Starbucks Cards for which the dollar value stored on those cards has not been redeemed. This is effectively an interest-free loan from those who have not used those funds yet, to Starbucks. A nice piece of business, indeed.
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Saturday February 11, 2023, 10:17:26
By Mark Kalinowski
Chipotle Mexican Grill appears to be starting up a new restaurant concept, with the first location to be a part of the Kitchen United Mix food hall located on the popular Third Street Promenade in Santa Monica, California.
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Tuesday February 7, 2023, 18:15:50
By Mark Kalinowski
After today’s (Tuesday’s) market close, Chipotle Mexican Grill reported adjusted Q4 EPS of $8.29, falling short of our $9.09 projection and sell-side consensus (according to Consensus Metrix) of $8.91. We’d note that Q4 Labor Costs/Revenues, at 25.6%, was higher than our 24.5% forecast. On today’s conference call, management noted that there was a lower-than-expected benefit from Q4’s Garlic Guajillo Steak limited-time offering. Management adds that it anticipated Q4 restaurant-level margins would be in the 25% range, as opposed to the 24.0% actual.
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