Chipotle can last a year with lower sales: CFO

Bloomberg

Chipotle Mexican Grill Inc is well positioned to ride out the Covid-19 storm that’s ravaging the US restaurant industry, according to its chief financial officer.
“We can get through for many months or even a year at these kind of depressed sales levels,” CFO Jack Hartung said in an interview, declining to provide sales figures. He said the disease outbreak is unprecedented for the industry, and that “everybody is losing a meaningful part of the business.”
Chipotle had $880.8 million in short-term investments and cash at the end of last year.
In the short term, the company is saving money by delaying new store development, halting executive travel and reconsidering the hire of project consultants.
It’s also seeking rent deferrals for its restaurant locations and offices, Hartung said, noting that conversations with landlords are happening now.