Chipotle Mexican Grill Inc Stock Price, News & Analysis

Chipotle Mexican Grill (NYSE: CMG) launches the Chipotle Royalty competition, inviting fans to showcase their best Chipotle orders for a chance to become featured menu items. The contest runs from November 17 to November 19, 2020, with three winners receiving $10,000 each. Winners' items will be available on Chipotle's app starting December 1 through the end of the year. Celebrity David Dobrik and Chipotle's Executive Chef will judge the entries, emphasizing creativity and flavor.

Chipotle Mexican Grill (NYSE: CMG) has announced the opening of its first digital-only restaurant, the Chipotle Digital Kitchen, in Highland Falls, NY, on November 14, 2020. This new concept allows for pick-up and delivery only, catering to urban areas that cannot support full-size locations. The Digital Kitchen focuses on enhancing the digital experience with advanced ordering through the Chipotle app and other platforms. Additionally, Chipotle is expanding its innovation capabilities through a new Cultivate Center in Irvine, California, which will serve as a hub for culinary and menu development.

Chipotle Mexican Grill reported a strong third quarter for 2020, with revenue increasing by 14.1% to $1.6 billion. Comparable restaurant sales rose 8.3%, while digital sales surged 202.5%, making up 48.8% of total sales. However, net income fell 18.7% to $80.2 million, or $2.82 per diluted share, due in part to legal and restructuring costs. Despite these challenges, Chipotle maintains a robust financial position with $1.1 billion in cash and no debt, along with ongoing expansion plans.

Chipotle Mexican Grill (NYSE: CMG) announced the expansion of its Debt-Free degree program to include Paul Quinn College, the nation's first urban work college and an HBCU. Eligible employees can pursue over 75 business and technology degrees with tuition fully covered for crew members after 120 days of employment. Since launching the Cultivate Education program, over 8,000 employees have enrolled, leading to a retention rate significantly higher than average. This initiative is part of Chipotle's efforts to enhance employee experience and provide inclusive benefits.

Chipotle Mexican Grill (NYSE: CMG) reintroduces Carne Asada for a limited time in the U.S., Canada, and for the first time in France. Available for Rewards members on September 22-23, and to the general public from September 23-27 as a digital-only item. Starting September 28, it will be offered in restaurants and via third-party delivery. Carne Asada, Chipotle's fastest-selling protein, is sustainably sourced and compliant with various dietary standards, appealing to a broad range of customers.

Chipotle Mexican Grill (NYSE: CMG) announced a family TikTok challenge called #ChipotleSponsorUs to promote its new Group Ordering feature on the app. The challenge rewards five families with free burritos for a year by creating TikTok videos showcasing their creativity. Additionally, customers can unlock a Family Extra offer for free large chips and guacamole by using promo code '4FAMILY' with qualifying orders. The challenge runs from September 8 to September 14, 2020, culminating in a winner announcement. This initiative aims to enhance social engagement and simplify group ordering.