Chipotle Mexican Grill, Inc. (CMG - Free Report) is bringing back popular menu item, Carne Asada, to restaurants across the United States for a limited time. The premium steak option will make its debut in France, and also return to restaurants in Canada. Following the news, the company’s shares gained 2.3% yesterday. Notably, shares of the company have gained 47.5% year to date, compared with the industry’s growth of 2.1%.
Following its debut in France, Carne Asada will become the company’s first new protein introduced in the European market. The protein, which is officially approved for the Whole30 program, is in compliance with Keto and Paleo diets.
Chris Brandt, chief marketing officer said “To bring back Carne Asada to our menu, we underwent an extensive vetting process to find more suppliers that meet our stringent Food with Integrity standards. Our fans love our Carne Asada because they can taste the care and culinary expertise that goes into this recipe from farm to bowl.”
According to the company, only 5% of the United States beef meets Chipotle's strict sourcing standards for Carne Asada. Beef used for Carne Asada comes from animals, which are given no antibiotics or added hormones.
This popular menu will be available exclusively to the company’s more than 16 million rewards members on Sep 22 and Sep 23. However, it will be available from Sep 23 through Sep 27 via the Chipotle app and Chipotle.com for all fans. From Sep 28, Carne Asada will not only be available via digital platforms but will also be available in restaurants.
We believe Carne Asada will attract new customers. When Carne Asada was first launched more than 10 million people tried it and nearly half of those were first time customers of Chipotle. The popular menu option will drive the company’s top line.
Menu Innovation to Drive Growth
Last year, Chipotle launched its first menu innovation called Lifestyle Bowls for mobile and web orders that resonated well with consumers. The company introduced new kitchen ovens, which are improving the quality of its latest Quesadillas.
Chipotle currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same space include Brinker International, Inc. (EAT - Free Report) , Darden Restaurants, Inc. (DRI - Free Report) and Domino's Pizza, Inc. (DPZ - Free Report) . Brinker sports a Zacks Rank #1, while Darden and Domino's carry a Zacks Rank #2 (Buy).
Brinker has a three-five year earnings per share growth rate of 11.4%.
Darden has a trailing four-quarter earnings surprise of 8.1%, on average.
Domino's fiscal 2020 earnings are expected to rise 33.8%.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>