Chipotle beefing up for busy ‘burrito season’

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, January 24.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin – reporting from the New York Stock Exchange.

Stocks were mixed to close out today’s session. The Dow closed almost 100 points lower, the Nasdaq closed three-tenths of a percent higher, and the S&P closed fractionally higher. Netflix was a big winner today with its stock popping double digits as investors reacted to the streaming giant’s better-than-expected quarter.

Investors are looking ahead to an update on fourth-quarter GDP Thursday and a key inflation reading Friday. Both reports will hopefully give investors greater clarity into the state of the U.S. economy.

In other news, in an effort to make sure it has enough staff for what it calls “Burrito Season,” Chipotle said it plans to hire 19,000 new workers. The company already has more than 110,000 employees but needs additional workers to keep up with its busy season, which it says runs from March to May.

Chipotle is hoping to attract younger workers – more than 70 percent of its restaurant workforce belongs to Gen Z – and in order to do that, the company plans on offering better benefits. Some of the new benefits include mental health counseling and a 401k match of up to 4 percent if that employee is making student loan payments.

Citing the financial hardships Gen Z-ers are facing in today’s economic climate, Chipotle’s head of human resources said, “As we push toward our long-term goal of operating 7,000 restaurants in North America, it’s crucial that we listen to and adapt to the needs of our team members so they can grow with us.”

Chipotle currently operates more than 3,300 locations across the globe. Despite increasing its prices, the company reported a 5 percent increase in same-store sales in its third-quarter earnings report in October.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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