Welcome to our dedicated page for Chipotle Mexican Grill news (Ticker: CMG), a resource for investors and traders seeking the latest updates and insights on Chipotle Mexican Grill stock.
Chipotle Mexican Grill, Inc. (NYSE: CMG), a leader in the fast-casual dining industry, is dedicated to serving responsibly sourced, classically-cooked, real food without artificial colors, flavors, or preservatives. Known for its high-quality raw ingredients and distinctive atmosphere, Chipotle aims to provide an exceptional dining experience more akin to fine dining.
Founded on the principle that fast food does not need to compromise on quality, Chipotle offers a menu featuring burritos, burrito bowls, tacos, quesadillas, and beverages. As of December 31, 2023, the company operated over 3,400 restaurants worldwide, including locations in the United States, Canada, the United Kingdom, France, Germany, and Kuwait. The company has plans for continued growth, recently signing a development agreement with Alshaya Group to expand in the Middle East.
In 2023, the company reported systemwide sales of $9.9 billion and continues to innovate with new menu items, such as the popular Chicken al Pastor, which quickly became a fan favorite. Chipotle has also made significant strides in the digital space, with 36.5% of its revenue in Q1 2024 coming from digital sales. The company remains committed to sustainability and technology, aiming to make its high-quality food more accessible to a broader audience.
Financially, Chipotle is robust, reporting $2.7 billion in revenue for Q1 2024, a 14.1% increase year-over-year. The company achieved a net income of $359.3 million, or $13.01 per diluted share, in the same quarter. Chipotle's restaurant-level operating margin stood at 27.5%, reflecting strong operational efficiency.
Partnerships and community engagement are also key aspects of Chipotle's strategy. The company is the official Mexican-themed quick service and fast-casual restaurant of the NHL and actively supports youth and national hockey teams. Chipotle is recognized for its employee engagement and opportunities for advancement, making it a desirable workplace for over 115,000 passionate employees.
Looking ahead, Chipotle aims to sustain its growth trajectory with plans for more restaurant openings, continued focus on digital ordering, and adherence to sustainable business practices. For more information or to place an order, visit www.chipotle.com.
Chipotle Mexican Grill (NYSE: CMG) is celebrating National Quesadilla Day by giving away up to $1 million in free quesadillas. The promotion includes:
1. A scavenger hunt on September 23 with BOGO quesadilla codes shared across social media platforms.
2. Collaborations with content creators to share their favorite quesadilla orders and offer BOGO codes.
3. Free quesadillas on National Quesadilla Day (September 25) through DoorDash and Uber Eats with minimum order requirements.
Chipotle's Hand-Crafted Quesadillas feature Monterey jack cheese, choice of protein, optional fajita veggies, and three sides for dipping. The company expects to purchase nearly 70 million pounds of cheese this year for its quesadillas.
Chipotle Mexican Grill (NYSE: CMG) has introduced two cobotic innovations in its restaurants: Autocado and the Augmented Makeline. Developed in partnership with Vebu, Autocado processes avocados for guacamole preparation, while the Augmented Makeline, created with Hyphen, automates bowl and salad assembly for digital orders.
These cobots aim to enhance operational efficiency and customer experience. Autocado, currently operating in Huntington Beach, CA, processes an avocado in about 26 seconds. The Augmented Makeline, tested in Corona del Mar, CA, focuses on the 65% of digital orders that are bowls or salads.
Both innovations are part of Chipotle's $100 million Cultivate Next venture fund, which invests in strategically aligned companies to support Chipotle's growth plans of 7,000 North American restaurants.
Chipotle Mexican Grill (NYSE: CMG) has announced the return of Smoked Brisket to its menu in the U.S. and Canada for a time. This popular item, first introduced three years ago, has been highly requested by fans on social media. The brisket is made with Responsibly Raised® beef, seasoned with spices including smoked serrano and chipotle chili peppers, seared on the plancha, and finished with a savory brisket sauce.
To celebrate the return, Chipotle is offering a $0 delivery fee on all Smoked Brisket orders placed through their app or website from September 12 to September 29, 2024. The promotion is available for orders between $10-$200 USD ($12-$200 CAD) and includes at least one entrée with Smoked Brisket.
Chipotle Mexican Grill (NYSE: CMG) has announced it will host a conference call on October 29, 2024, at 4:30 PM Eastern time to discuss its third quarter 2024 financial results and provide a business update for the fourth quarter to date. The company will issue a press release with the financial results at approximately 4:10 PM Eastern time on the same day.
Participants can join the conference call by dialing 1-888-317-6003 (US) or 1-412-317-6061 (international) and entering the code 0106477. The call will also be webcast live on Chipotle's investor relations website, with registration available at a provided link. An archived webcast will be accessible about an hour after the call ends.
Chipotle Mexican Grill (NYSE: CMG) has partnered with Spirit Halloween to launch its first-ever costume collection inspired by popular memes. The collection features five bodysuits: Chipotle Fork, Napkin, Water Cup, Burrito, and To-Go Bag. Available from September 6, these costumes will be sold exclusively on SpiritHalloween.com and at select Spirit Halloween retail locations for $39.99 each.
This collaboration stems from Chipotle's previous social media engagement with Halloween costume memes, which garnered over 700,000 fan interactions. The collection also ties into Chipotle's popular Halloween tradition, Boorito. Chris Brandt, Chipotle's Chief Brand Officer, hinted at an upcoming 'scarily great offer' for fans next month.
Chipotle Mexican Grill (NYSE: CMG) has announced a groundbreaking partnership with The Ohio State University for the 2024-25 school year. Approximately 1,000 scholarship and walk-on student athletes will receive a customized Chipotle card granting them one free entrée per week for 15 weeks during their respective athletic seasons.
The company has also launched a new ad titled "THE" featuring star football players and narrated by Buckeye legend Archie Griffin. Additionally, Chipotle's nonprofit, The Chipotle Cultivate Foundation, will introduce a full four-year scholarship for an in-state student attending OSU's College of Food, Agricultural, and Environmental Sciences.
This partnership aims to support all student athletes at OSU, not just star performers, with real food and fresh ingredients as part of Chipotle's Real Food for Real Athletes platform.
Chipotle Mexican Grill (NYSE: CMG) has announced accelerated executive appointments effective October 1, 2024. Adam Rymer, a 15-year company veteran, will become Chief Financial Officer, reporting to Interim CEO Scott Boatwright. Jamie McConnell, with the company since 2018, will assume the role of Chief Accounting and Administrative Officer, reporting to Rymer. Former CFO Jack Hartung will transition to President and Chief Strategy Officer, supporting the Interim CEO indefinitely.
These changes aim to ensure continuity during a transitional period. Chipotle's Board has implemented retention plans for the entire executive leadership team. Excluding one officer hired in 2023 and Hartung's 25-year tenure, the executive team's average tenure is approximately seven years.
Chipotle Mexican Grill (NYSE: CMG) is testing Chipotle Honey Chicken in 80 restaurants across Nashville and Sacramento. This new, -time protein combines spicy chipotle peppers with sweet honey, offering a unique flavor profile. The innovation achieved the highest marks in consumer taste tests among Chipotle's chicken innovations.
Following the success of previous chicken menu items like Chicken al Pastor and Pollo Asado, Chipotle continues to focus on menu innovation. The company aims to introduce two to three new menu items annually, using a stage-gate process to gather feedback before national launches. This strategy aligns with Chipotle's goal of delivering craveability, variety, and value to its customers.
Chipotle Mexican Grill (NYSE: CMG) is relaunching its popular Chipotle IQ trivia game for the fifth year. From August 20-22, 2024, Chipotle Rewards members in the U.S. and Canada can play daily for a chance to win BUY-ONE-GET-ONE (BOGO) offers and free burritos. The game will offer 5,000 BOGO codes per hour to players who score 10/10 on the quiz, which covers topics like ingredients, food standards, and brand history.
Players who achieve a perfect score can also unlock an extra credit question for a chance to win one of 50 free burritos for a year prizes. New this year, participants scoring 7-9 out of 10 will receive 25 rewards points. The game has seen four million plays since its introduction, highlighting its popularity among Chipotle fans.
Chipotle Mexican Grill (NYSE: CMG) announced that CEO Brian Niccol will be leaving the company on August 31, 2024, to join Starbucks as Chairman and CEO. Scott Boatwright, the current COO, has been appointed as Interim CEO. Boatwright, who joined Chipotle in 2017, has been important in driving restaurant operations and implementing new technologies.
Jack Hartung, who recently announced his retirement, will remain with the company indefinitely as President of Strategy, Finance and Supply Chain to ensure a smooth transition. Scott Maw, Chipotle's Lead Independent Director, has been named Chairman of the Board. The company emphasized its robust talent planning process and expressed confidence in its leadership team to continue executing the strategic plan without interruption.
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