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Chipotle (CMG) to Expand Presence in Canada With 8 New Openings
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Chipotle Mexican Grill, Inc. (CMG - Free Report) is planning to open eight new restaurants in Canada over the next year in a bid to expand presence in the country. The inaugurations include its first drive-up "Chipotlane."
The company will open its first restaurant in Canada since the Markham, Ontario location, which opened doors in 2018. On Mar 30, the company will launch its new restaurant in Surrey, British Columbia. Moreover, the company will open its first Canadian Chipotlane at a new restaurant in Port Coquitlam, British Columbia this summer.
The company is planning to open six additional restaurants in British Columbia and Ontario over the next year. Currently, it is operating 23 Chipotle restaurants in Canada. Jack Hartung, the company’s chief financial officer said “We will be experimenting with different location formats and restaurant designs throughout the country to gauge consumer preferences in the various markets.”
Apart from expansion efforts, the company is focusing on menu innovation for Canadian customers. In January, the company launched Cilantro-Lime Cauliflower Rice, its newest plant-based option, for a limited time in Canada. Moreover, this month Chipotle added its first-ever customizable digital entrée, the Hand-Crafted Quesadilla, to the Chipotle app in Canada as well as chipotle.ca.
In the past six months, shares of the company have gained 16.6% compared with the industry’s growth of 14.5%.
Digitalization to Drive Growth in Canada
In May 2020, Chipotle and Uber Eats announced a delivery partnership in Canada. This delivery plan enables customers to order Chipotle food through the Uber Eats app and ubereats.com in the country. Moreover, in Canada, customers can not only order food via Uber Eats but also order via chipotle.ca or the Chipotle app, and DoorDash.
The company is prioritizing its e-commerce program to gain customer confidence. It has been making every effort to make digital ordering more appealing to customers and more efficient for its restaurants in order to drive digital sales and retain customers amid the coronavirus crisis. Toward this end, Chipotle has redesigned and simplified its online ordering site, enabled online payment for catering, online meal customizations and collaborated with several well-known third-party providers for delivery.
Jack in the Box has an impressive long-term earnings growth rate of 17%.
Chuy's Holdings has beat estimates in each of the trailing four quarters, with average being 126.5%.
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Image: Bigstock
Chipotle (CMG) to Expand Presence in Canada With 8 New Openings
Chipotle Mexican Grill, Inc. (CMG - Free Report) is planning to open eight new restaurants in Canada over the next year in a bid to expand presence in the country. The inaugurations include its first drive-up "Chipotlane."
The company will open its first restaurant in Canada since the Markham, Ontario location, which opened doors in 2018. On Mar 30, the company will launch its new restaurant in Surrey, British Columbia. Moreover, the company will open its first Canadian Chipotlane at a new restaurant in Port Coquitlam, British Columbia this summer.
The company is planning to open six additional restaurants in British Columbia and Ontario over the next year. Currently, it is operating 23 Chipotle restaurants in Canada. Jack Hartung, the company’s chief financial officer said “We will be experimenting with different location formats and restaurant designs throughout the country to gauge consumer preferences in the various markets.”
Apart from expansion efforts, the company is focusing on menu innovation for Canadian customers. In January, the company launched Cilantro-Lime Cauliflower Rice, its newest plant-based option, for a limited time in Canada. Moreover, this month Chipotle added its first-ever customizable digital entrée, the Hand-Crafted Quesadilla, to the Chipotle app in Canada as well as chipotle.ca.
In the past six months, shares of the company have gained 16.6% compared with the industry’s growth of 14.5%.
Digitalization to Drive Growth in Canada
In May 2020, Chipotle and Uber Eats announced a delivery partnership in Canada. This delivery plan enables customers to order Chipotle food through the Uber Eats app and ubereats.com in the country. Moreover, in Canada, customers can not only order food via Uber Eats but also order via chipotle.ca or the Chipotle app, and DoorDash.
The company is prioritizing its e-commerce program to gain customer confidence. It has been making every effort to make digital ordering more appealing to customers and more efficient for its restaurants in order to drive digital sales and retain customers amid the coronavirus crisis. Toward this end, Chipotle has redesigned and simplified its online ordering site, enabled online payment for catering, online meal customizations and collaborated with several well-known third-party providers for delivery.
Zacks Rank & Key Picks
Chipotle, which shares space with BJ's Restaurants, Inc. (BJRI - Free Report) , carries a Zacks Rank #3 (Hold). Some better-ranked stocks that warrant a look in the same space include Jack in the Box Inc. (JACK - Free Report) and Chuy's Holdings, Inc. (CHUY - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Jack in the Box has an impressive long-term earnings growth rate of 17%.
Chuy's Holdings has beat estimates in each of the trailing four quarters, with average being 126.5%.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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