Chipotle Mexican Grill Inc Stock Price, News & Analysis

Chipotle Mexican Grill (NYSE: CMG) announced the return of Boorito, its Halloween tradition, offering $6 USD entrées for costumed Chipotle Rewards members in North America on October 31 from 3 p.m. to close. For the first time, Boorito expands to Europe with £6 / €7 entrée offers in the U.K. and France.

To cater to Gen Z's late-night cravings, 53 select Chipotle locations in U.S. college towns will extend hours until 11:59 p.m. on Halloween. The company also introduced its first-ever costume collection in collaboration with Spirit Halloween, featuring five costumes inspired by popular memes.

Chipotle's Chief Brand Officer, Chris Brandt, emphasized the company's efforts to enhance the Halloween celebration by extending hours and expanding internationally. The Boorito tradition, which began in the U.S. in 2000 and expanded to Canada in 2009, now reaches Europe, offering fresh, nourishing meals at 20 U.K. and six France locations.

Chipotle Mexican Grill (NYSE: CMG) has opened its first restaurant in Dubai at 'The Beach' at Jumeirah Beach Residence (JBR), in partnership with Alshaya Group. This marks Chipotle's entry into the United Arab Emirates, with a second location planned at Dubai Hills Mall. The JBR restaurant spans over 6,000 square feet and operates from 10:00am to 12:00am on weekdays, extending to 1:00am on weekends.

Chipotle's Middle East expansion began in April with a restaurant in Kuwait, followed by a second location in the country last month. The company's international portfolio includes restaurants in Canada, the United Kingdom, France, and Germany. In North America, Chipotle operates over 3,500 restaurants and aims for 8-10% annual growth, targeting 285-315 new openings this year with a long-term goal of 7,000 locations.

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.