Current:Home > MyIn-N-Out makes price pledge with California minimum wage law, as others raise rates, slash staff -TradeSphere
In-N-Out makes price pledge with California minimum wage law, as others raise rates, slash staff
View
Date:2025-04-16 19:09:32
In-N-Out President Lynsi Snyder has vowed to protect prices at the West Coast's favorite burger chain.
In a new TODAY interview, Snyder told NBC's TODAY that the private company won't see drastic price increases in California after the state's new minimum wage law. The Fast Act went into effect on April 1 offering fast food workers a $20 an hour starting wage, up from the previous $16 standard.
"I was sitting in VP meetings going toe-to-toe saying, 'We can’t raise the prices that much, we can’t,'' Snyder said. "Because I felt such an obligation to look out for our customers."
Snyder also said the company would not explore mobile ordering options as they hinder the customer service experience. She also expressed zero interest in franchising or transitioning into a publicly traded company.
An In-N-Out location in Los Angeles recently raised prices for a burger by 25 cents and for a drink by 5 cents, the New York Post reported.
McDonald's, Chipotle executives announce price hikes
Snyder's insistence that In-N-Out will not raise prices is a departure from the approach some competitors have taken after the Fast Act went into effect.
At a November conference call, McDonald's CEO Chris Kempczinski said the company would increase prices to offset the wage increases, as well as cut restaurant costs and improve productivity.
"There will certainly be a hit in the short-term to franchisee cash flow in California," Kempczinski said. 'Tough to know exactly what that hit will be because of some of the mitigation efforts. But there will be a hit."
At Chipotle conference call that month, Chief Financial Officer Jack Hartung said the Mexican grill chain expects to increase California prices by a "mid-to-high single-digit" percentage but clarified a "final decision" was not yet made.
Late last year, two major Pizza Hut operators announced plans to lay off more than 1,200 delivery drivers in the state before Fast Act went into effect, according to Business Insider.
veryGood! (29857)
Related
- The company planning a successor to Concorde makes its first supersonic test
- Columbia’s president, no stranger to complex challenges, walks tightrope on student protests
- Jon Bon Jovi talks 'mental anguish' of vocal cord issues, 'big brother' Bruce Springsteen
- Reggie Bush will get back 2005 Heisman Trophy that was forfeited by former USC star
- San Francisco names street for Associated Press photographer who captured the iconic Iwo Jima photo
- 2024 NFL mock draft roundup: Where is Georgia TE Brock Bowers predicted to go?
- Connecticut House votes to expand state’s paid sick leave requirement for all employers by 2027
- Family of American man believed to be held by Taliban asks the UN torture investigator for help
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Is cereal good for you? Watch out for the added sugars in these brands.
Ranking
- The Daily Money: Spending more on holiday travel?
- The Rolling Stones set to play New Orleans Jazz Fest 2024, opening Thursday
- Arkansas panel bans electronic signatures on voter registration forms
- The Latest | Israeli strikes in Rafah kill at least 5 as ship comes under attack in the Gulf of Aden
- Senate begins final push to expand Social Security benefits for millions of people
- Ryan Reynolds, Rob McElhenney talk triumph, joy and loss in 'Welcome to Wrexham' Season 3
- Jon Bon Jovi talks 'mental anguish' of vocal cord issues, 'big brother' Bruce Springsteen
- U.S. orders cow testing for bird flu after grocery milk tests positive
Recommendation
Military service academies see drop in reported sexual assaults after alarming surge
Meet Thermonator, a flame-throwing robot dog with 30-foot range being sold by Ohio company
Angel Reese, Kamilla Cardoso give Chicago, WNBA huge opportunity. Sky owners must step up.
2024 NFL Draft rumors: Jayden Daniels' 'dream world' team, New York eyeing trade for QB
Warm inflation data keep S&P 500, Dow, Nasdaq under wraps before Fed meeting next week
Kansas’ governor vetoed tax cuts again over their costs. Some fellow Democrats backed it
Biden grants clemency to 16 nonviolent drug offenders
Ranking the best players available in the college football transfer portal