Sunday, February 3, 2013

Things I Did Not Know: Chipotle Managers Average $99,000 Annual Income (CMG)

Although that salary alone won't make one rich it is almost double the median household income and higher than I would have guessed.
The company has gross margins over 65% and net margins over 10%. There is some room for maneuver.
From the Huffington Post:

Chipotle Salary Can Top $95,000 Annually 
You might not think slinging burritos is the most glamorous job out there, but apparently it’s possible to make a heck of a lot of money doing it.

Climbing the ladder at locations of the fast food chain Chipotle Mexican Grill can result in some big bucks, according to CBS Los Angeles. One employee interviewed by the network, Lidia Castillo, said she worked her way up from a service manager all the way to restaurateur (Chipotle's title for a general manager) within a year, a position with an average salary of $99,000 annually.

That’s significantly more than the median annual salary for fast food workers of around $18,230, according to Daily Finance.

Chipotle spokesman Chris Arnold confirmed that $99,000 a year is the average salary for the company's restaurateurs. The company's "people culture" and desire to promote from within, he said, is the product of the company's Co-CEO Monty Moran.

"About 98 percent of all our restaurant managers now come from within our crew," Arnold said....MORE
HT: Economic Policy Journal