Raising Cane's Co-CEO Talks about the Impact of Minimum Wage Increase on Prices

TLDRRaising Cane's, a fast-food chain, plans to open 20 more restaurants but is concerned about the impact of the minimum wage hike on prices. They believe in doing the right thing by their crew members and providing a great place to work with benefits and wages. The increase in minimum wage will result in a small price increase for customers, but Raising Cane's aims to maintain its everyday value and not compromise on the quality of food and training they provide. They have consistently seen sales growth for over 15 years and do not anticipate a decline in customer traffic.

Key insights

🍗Raising Cane's plans to open 20 more restaurants despite the minimum wage increase.

💼They believe in providing a great place to work with benefits and wages.

💰A small price increase will be implemented to protect margins and continue growing.

😊Raising Cane's focuses on everyday value and does not do limited time offers.

📈The company has maintained sales growth for over 15 years.

Q&A

What will the minimum wage hike mean for Raising Cane's and its prices?

Raising Cane's is concerned about the impact of the minimum wage hike on prices. They plan to implement a small price increase to protect margins and continue growing.

How does Raising Cane's prioritize its crew members?

Raising Cane's believes in doing the right thing by their crew members and providing a great place to work with benefits and wages.

Will the quality of food and training be compromised due to the minimum wage increase?

Raising Cane's aims to maintain the quality of food and training they provide, despite the minimum wage increase.

Does Raising Cane's anticipate a decline in customer traffic?

Raising Cane's does not anticipate a decline in customer traffic and believes their customers value their everyday value and great service.

How long has Raising Cane's been experiencing sales growth?

Raising Cane's has maintained sales growth for over 15 years.

Timestamped Summary

00:01Raising Cane's plans to open 20 more restaurants despite the minimum wage increase.

00:14Raising Cane's believes in doing the right thing by their crew members and providing a great place to work with benefits and wages.

01:16A small price increase will be implemented to protect margins and continue growing.

02:10Raising Cane's focuses on everyday value and does not do limited time offers.

02:26The company has maintained sales growth for over 15 years.