Cameron Mitchell, CEO of Cameron Mitchell Restaurants, insightful on CNBC’s Squawk Box

As we work with clients on budgeting and forecasting for 2024, we felt this interview was particularly timely and relevant. Cameron Mitchell, CEO of Cameron Mitchell Restaurants, appeared on CNBC’s Squawk Box yesterday. Cameron operates 62 independent restaurants across 13 states and the District of Columbia.

Key highlights

  • Cameron Mitchell Restaurants has both luxury high end and casual brands
  • They saw movement this year in consumers preferring the more casual brands
  • The lunch market on Mondays and Fridays is still soft
  • Guest count is up to pre-pandemic 2019 levels
  • COGS has stabilized and reducing a bit to pre-pandemic 2019 levels
  • You should not be seeing fuel surcharges on your invoices
  • Labor market stabilizing in that staff levels are back to pre-pandemic, starting to see labor rate stabilize as well, but this still the biggest hit to the P&L and price increases have not been able to keep pace
  • Usually try to increase prices 2% in spring and fall but in 2023 they did not do this as they feel like they have reached the top end of what the consumer will bear
  • Lending for small to medium size businesses is still tight
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