Chipotle Mexican Grill Inc Stock Price, News & Analysis

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.

Chipotle Mexican Grill (NYSE: CMG) has partnered with Wonderskin to launch 'Lipotle,' a -edition green Wonder Blading Peel and Reveal Lip Stain Kit, celebrating National Avocado Day. Available from July 30, 2024, the guac-proof lip stain unveils a nude-pink color after application. The collaboration marks Wonderskin's first major brand partnership, aligning with Chipotle's mission to Cultivate a Better World.

On National Avocado Day (July 31), Chipotle fans can receive a free digital guac offer using promo code AVO2024. The company expects to use approximately 129.5 million pounds of avocados across its restaurants in the U.S., Canada, and Europe this year. The 'Lipotle' Wonder Blading Lip Stain Kit retails for $29 USD, $40 CAD, and £28, with free shipping available in the U.S.

Chipotle Mexican Grill (NYSE: CMG) reported strong second quarter 2024 results, with total revenue increasing 18.2% to $3.0 billion. Comparable restaurant sales rose 11.1%, driven by an 8.7% increase in transactions and a 2.4% increase in average check. The company's operating margin expanded to 19.7%, up from 17.2% in the previous year. Diluted earnings per share grew 32.0% to $0.33, while adjusted diluted EPS increased 36.0% to $0.34.

Chipotle opened 52 new company-operated restaurants during the quarter, with 46 locations including a Chipotlane. Digital sales represented 35.3% of total food and beverage revenue. The company also completed a 50-for-1 stock split and repurchased $151.4 million of stock. For the full year 2024, Chipotle anticipates mid to high-single digit comparable restaurant sales growth and plans to open 285 to 315 new restaurants.

Chipotle Mexican Grill announced the retirement of CFO Jack Hartung on March 31, 2025, after nearly 25 years with the company. Adam Rymer, a 15-year Chipotle veteran, will succeed Hartung as CFO starting January 1, 2025. Rymer, currently Vice President of Finance, will report to CEO Brian Niccol. Hartung will remain with the company until his retirement to ensure a smooth transition. Additionally, Jamie McConnell will take on the role of Chief Accounting and Administrative Officer, reporting to Rymer from January 1, 2025. McConnell, who joined Chipotle in 2018, is currently Vice President, Controller. Both Rymer and McConnell have been mentored by Hartung and are expected to uphold Chipotle's growth and financial strategies.

Chipotle is celebrating American athletes by introducing their favorite menu items as -time digital offerings on the Chipotle app and website. Featuring athletes like Anthony Edwards, Sophia Smith, Taylor Fritz, Sara Hughes, and Jagger Eaton, the menu includes items like the Anthony Edwards Bowl and the Sophia Smith Burrito. Additionally, Chipotle is launching new episodes of its 'Unwrapped' series, which offer behind-the-scenes insights into the athletes' training. Starting July 25, Chipotle will reintroduce gold foil-wrapped burritos in the U.S. and for the first time in France. Chief Brand Officer Chris Brandt expressed hopes that showcasing these athletes' stories will inspire future generations.