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Chipotle sales surge as customers devour pricier meals

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Chipotle Mexican Grill Inc beat estimates for quarterly same-store sales on Thursday, as customers returned to eating inside restaurants and paid more than ever for a new meat – smoked brisket – and other menu items.

The burrito and bowl chain has raised regular menu prices twice and its delivery prices three times since August 2020. Prices are now about 10% higher – which includes a total 17% hike in items for delivery – to offset rising beef, freight and labor costs.

CEO Brian Niccol told Reuters that customers can still get a lot of value out of a  Chipotle meal, noting that its chicken burrito is still priced under $8 in many places.

“Because we’ve got such a strong value proposition, we like to take things in phases to make sure that the pricing we’re taking is balanced with the growth that we’re experiencing and that the cost is really not a transitory cost but a new, permanent cost,” he said.

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Overall, fast-food chains have raised menu prices by 6.7% over the last 12 months, and other restaurants by 5.2%, the U.S. Bureau of Labor Statistics reported on Oct. 13.

Some of Chipotle’s price hikes will roll off this quarter and customers have not resisted paying more for their quesadillas, Niccol said.

More customers are also coming to Chipotle restaurants as seating areas reopen, and the chain is still on track to build 200 new locations this year, he said.

Chipotle’s limited-time smoked brisket, which launched in September, costs $10.25 on average as an entree in restaurants, its most expensive new meat ever.

The fast-casual chain posted a 15.1% surge in comparable sales for the quarter ended Sept. 30, compared with analysts’ average estimate of 13.4% growth, according to Refinitiv data.

The company also forecast sales growth in the low to mid double-digits range in the current quarter, compared with estimates of 14% growth.

Americans who were cooking more in their kitchens during the pandemic-induced, work-from-home situation are now grabbing burritos and bowls on the way to work and social gatherings, and are trying new dishes.

Sales from digital orders – as opposed to those placed in person – grew 8.6% and accounted for 42.8% of sales.

Chipotle also said its board increased its share repurchase authorization by $100 million, with $209.8 million available to buy back shares as of Sept. 30.

(Reporting by Hilary Russ in New York and Praveen Paramasivam in Bengaluru; Editing by Aditya Soni, Jonathan Oatis and Daniel Wallis)

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Gas prices see 'largest single-day jump since early 2022': En-Pro International – Yahoo Canada Finance

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On Thursday afternoon, En-Pro International posted on X that

On Thursday afternoon, En-Pro International posted on X that “gas prices spiked 14 cents overnight, the largest single day jump since early 2022.” (AP Photo/Jenny Kane) (The Associated Press)

Gas prices across Canada climbed an average of 9.4 cents per litre of regular fuel over the past seven days, the biggest weekly gain so far in 2024. Cities in Ontario and Quebec booked eye-watering 20 cent-plus gains, while prices were virtually flat for drivers in the Western and Maritime regions.

The average cost per litre of regular gasoline in cities nationwide rose to $1.806 from $1.712 between April 11 and April 18, according to data firm Kalibrate. Chicoutimi, Que. saw the biggest increase at 26.7 cents per litre, followed by Gatineau, Que., and North Bay, Ont. The Greater Toronto Area was hit with widespread gains above 15 cents per litre.

On Thursday afternoon, En-Pro International posted on X that “gas prices spiked 14 cents overnight, the largest single-day jump since early 2022.”

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“The steady build in U.S. crude inventories, combined with the reluctance of the Fed to lower interest rates, which would increase gasoline demand, should neutralize the impact of the conflict in the Middle East,” En-Pro chief petroleum analyst Roger McKnight wrote in a blog post.

“The refining industry will come back to normal levels by mid-June, so supply will balance demand, and prices should fall soon after the U.S. Memorial Day launch of summer.”

Rising gas prices was the top factor behind Statistics Canada’s slightly higher annual inflation reading for March. Year over year, the agency found gasoline prices increased 4.5 per cent last month, following a 0.8 per cent rise in February.

“Higher global prices for crude oil stemmed from supply concerns amid geopolitical conflict and continued voluntary production cuts, leading to higher prices at the pump,” StatCan said on Tuesday.

Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.

(All figures in CAD cents)

LOCATION

April 11

April 18

Price change

Canada Average (V)

171.2

180.6

9.4

WHITEHORSE

189.9

189.9

0

VANCOUVER*

210.7

212.7

2

VICTORIA

206.2

206.9

0.7

PRINCE GEORGE

169.6

169.3

-0.3

KAMLOOPS

172.5

181

8.5

KELOWNA

174.6

175.8

1.2

FORT ST. JOHN

171.2

174.9

3.7

ABBOTSFORD

194.2

198.5

4.3

YELLOWKNIFE

161.9

161.9

0

CALGARY*

161.2

158.8

-2.4

RED DEER

159

159

0

EDMONTON

154.9

153.6

-1.3

LETHBRIDGE

161.9

161.9

0

LLOYDMINSTER

154.6

154.6

0

GRANDE PRAIRIE

156.9

158.7

1.8

REGINA*

158

157.3

-0.7

SASKATOON

157.4

156.9

-0.5

PRINCE ALBERT

154.6

155.8

1.2

MOOSE JAW

158.7

158.7

0

WINNIPEG *

141.4

141.6

0.2

BRANDON

142.5

143.3

0.8

CITY OF TORONTO*

163.7

179.3

15.6

BRAMPTON

164.3

179.6

15.3

ETOBICOKE

163.4

179

15.6

MISSISSAUGA

162.8

179.3

16.5

NORTH YORK

163.9

179.6

15.7

SCARBOROUGH

163.3

179.5

16.2

VAUGHAN/MARKHAM

163.5

179.2

15.7

OTTAWA

162.4

179

16.6

KINGSTON

162.3

179.3

17

PETERBOROUGH

160.1

172.2

12.1

WINDSOR

162.4

177.8

15.4

LONDON

163.5

177.4

13.9

SUDBURY

167.4

185.8

18.4

SAULT STE MARIE

160.2

174.3

14.1

THUNDER BAY

165.8

175.5

9.7

NORTH BAY

161.5

182.6

21.1

TIMMINS

169.7

183.6

13.9

HAMILTON

161.6

178

16.4

ST. CATHARINES

160.4

177.1

16.7

BARRIE

162.8

178.2

15.4

BRANTFORD

161.1

176.2

15.1

GUELPH

163.4

178.4

15

KITCHENER

163.1

179

15.9

OSHAWA

163.8

179.4

15.6

SARNIA

161.7

178.9

17.2

MONTRÉAL*

173.7

190.5

16.8

QUÉBEC

172.1

187.4

15.3

SHERBROOKE

169.5

185.3

15.8

GASPÉ

172.7

189.4

16.7

CHICOUTIMI

155.1

181.8

26.7

RIMOUSKI

169.4

189.4

20

TROIS RIVIÈRES

169.8

186.7

16.9

DRUMMONDVILLE

166.7

183.9

17.2

VAL D’OR

169.6

182.7

13.1

GATINEAU

152.7

175.9

23.2

SAINT JOHN*

175.1

179.1

4

FREDERICTON

176.6

181.7

5.1

MONCTON

176.8

181.9

5.1

BATHURST

176.8

182.3

5.5

EDMUNDSTON

175.2

175.8

0.6

MIRAMICHI

177.9

183.1

5.2

CAMPBELLTON

175.7

179.9

4.2

SUSSEX

176.2

181

4.8

WOODSTOCK

177.8

183.1

5.3

HALIFAX*

172.1

175.4

3.3

SYDNEY

174.1

177.2

3.1

YARMOUTH

173.2

176.3

3.1

TRURO

173.3

176.4

3.1

KENTVILLE

172.7

175.8

3.1

NEW GLASGOW

173.3

176.4

3.1

CHARLOTTETOWN*

173

173

0

ST JOHNS*

190.4

193.9

3.5

GANDER

192.9

196.4

3.5

LABRADOR CITY

197

200.5

3.5

CORNER BROOK

191.1

194.6

3.5

GRAND FALLS

192.9

196.4

3.5

SOURCE: KALIBRATE • All figures in CAD cents

(*) Denotes markets used in Volume Weighted Canada Average

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.

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RCMP national security team investigating Yellowhead County pipeline rupture: Alberta minister – Global News

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Alberta’s minister of forestry and parks said the RCMP national security investigation team is involved in a probe looking into what caused a pipeline to rupture and catch fire west of Edmonton earlier this week.

On Tuesday, a wildfire was sparked following a natural gas pipeline rupture about 40 kilometres northwest of Edson, Alta. The fire has since been deemed under control.

“We have no indication of any kind of cause on that fire yet; the investigation is happening,” Forestry and Parks Minister Todd Loewen said at a wildfire-related news conference Thursday morning. “The national security investigation team of the RCMP are investigating the cause.

“My understanding, since the cause was unknown, that’s standard practice for them to come in on anything that’s unknown.”


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top news stories from Canada and around the world.

RCMP said as of Tuesday, initial reports had shown no signs of foul play.

Global News has reached out to the RCMP for more information. On its website, the RCMP states it has a wide range of national security-related mandates and responsibilities. It says its national security criminal investigations program involves critical infrastructure protection and critical incident management.

Officials say the investigation into what caused the TC Energy pipeline to break could take months or even years.

The Canada Energy Regulator had investigators on site on Wednesday. The Transportation Safety Board of Canada is also investigating the incident.

The rupture sparked a blaze that could be seen for kilometres, sending large flames and plumes of smoke into the air.

More on Science and Tech

No injuries were reported, and officials said the fire was never a threat to any surrounding communities.

“I want to commend the Yellowhead County Fire Department, industry and our wildfire team for the timely manner that this fire was brought under control,” Loewen said Thursday.

“Fast information sharing between all parties facilitated an effective wildfire response.”

The wildfire sparked by the pipeline rupture is located about 28 kilometres northeast of Obed Lake. More than 30 firefighters were expected to be in the area Thursday to continue working on the wildfire.

— with files from The Canadian Press

— more to come…

&copy 2024 Global News, a division of Corus Entertainment Inc.

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A sunken boat dream has left a bad taste in this Tim Hortons customer's mouth – CBC.ca

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A St. John’s woman says she won’t be paying many more visits to Tim Hortons, after an email from the coffee chain led her to believe that she’d won a new boat — when she hadn’t won anything at all.

“I go to Tim’s quite a lot, seven days a week. I’m afraid now that’s going to change to no days a week,” Carol Evans told CBC News on Thursday.

Evans said she received an email from Tim Hortons on Wednesday afternoon while on a break from her work as an licensed practical nurse.

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The email recapped the prizes she’d won in the annual Roll Up the Rim to Win contest, but there was one extra prize included — a brand new boat and trailer, valued at about $55,000. 

Unfortunately, the excitement was over by the time she got home from work.

“I was just so excited, really excited. I thought I really won a boat and a trailer, $55,000 worth, and to find out at five to six, I had an email from them come in telling me it was a technical error,” she said.

“I don’t get my boat and I don’t get my trailer.”

WATCH | This woman explains why she won’t go to Tim Hortons anymore:

Tim Hortons told this St. John’s woman she won a boat and a trailer. It was a mistake

5 hours ago

Duration 0:49

Carol Evans of St. John’s was elated when she got an email from Tim Hortons saying she won $55,000 worth of prizes. Another email from the coffee giant a few hours later, telling her it was an error, had her crushed — and fuming.

Evans said her win was the talk of her co-workers.

“I work with about a hundred people in the run of a day, and more than that outside the OR, and everybody was so happy for me. They couldn’t believe it, I finally won something in my life,” she said.

“But to find out a few hours later I didn’t, it was disappointing, very disappointing.… I cried, it was so sad.”

Although she may not have taken it out on the water, Evans said winning would have meant a lot to her, like helping fund her retirement after more than five decades in nursing.

“I could have sold the boat and trailer and had some money, paid off some bills, probably could have, who knows, retired after 55 years of work,” she said.

A smartphone screen shows a picture of a boat and trailer.
Evans got this email that said she’d won a new boat and trailer worth about $55,000. (Curtis Hicks/CBC)

In an emailed statement to CBC News on Thursday, Tim Hortons said the message was meant to show what each customer won over the course of the contest  — and the boat was included by mistake.

“We developed a Roll Up To Win recap email message with the best intentions of giving our guests a fun overview of their 2024 play history.

“Unfortunately there was a human error that resulted in some guests receiving some incorrect information in their recap message.”

The company didn’t disclose how many people across the country received the email, but CBC News spoke to another person in western Newfoundland who got it.

Others in Edmonton, Hamilton and Brampton, Ont., were also told they’d won the boat.

By Wednesday afternoon, a Facebook group had formed with more than 200 people expressing outrage about the mistake and threatening to file lawsuits.

Tim Hortons apologizes

Tim Hortons sent the affected customers a letter, telling them to disregard that winning email and that it was sent as a result of “technical errors.” 

“Unfortunately, some prizes that you did not win may have been included in the recap email you received. If this was the case, today’s email does not mean that you won those prizes,” the letter read.

“We apologize for the frustration this has caused and for not living up to our high standards.”

It’s a familiar story for Tim’s, however, as last year, its app mistakenly informed users they’d won $10,000.

Evans said two years of big mistakes just isn’t fair. She’d like to see Tim Hortons move away from the Roll Up to Win smartphone app and back to paper cups.

“It’s not fair to the public who spend their hard-earned money to go into Tim’s and buy their coffee every day, buy their lunch, and then think they won a prize and all of a sudden you learn, three hours later, you didn’t win a prize, and it’s not fair.”

Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.

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