Chipotle to go on a hiring spree to prepare for the spring season

Chipotle Mexican Grill Inc (NYSE: CMG) just revealed plans of hiring thousands of workers ahead of the upcoming spring season. Its shares are roughly flat at writing.

Chipotle sees a busy spring season ahead

On Wednesday, the chain of fast food restaurants said it will hire roughly 19,000 workers in total.

The announcement suggests Chipotle is expecting a busier than usual spring this year despite multiple price hikes in 2023. Note that the New York listed firm already employs over 110,000 globally.

The news arrives only days before Chipotle Mexican Grill is scheduled to report its earnings for the fourth quarter. Consensus is for it to earn $9.64 a share versus $8.29 per share a year ago.

$CMG is currently up more than 50% versus its 52-week low.

Chipotle announces an initiative for Gen Z

Also today, Chipotle Mexican Grill announced a new Employee Assistance Program that promises enhanced benefits to its workforce.

The initiative aimed particularly at Gen Z will help eligible employees deal with student debt while saving also for retirement. Chipotle workers will now be able to register for a Cred.AI debit card as well to build credit without having to pay a fee or interest.

Note that restaurant workforce is now back to levels seen before the COVID pandemic, as per data from the U.S. Bureau of Labour Statistics.  

Among notable bulls of $CMG is famed investor and Mad Money host Jim Cramer – and Bill Ackman; the founder and chief executive of Pershing Square Capital Management.