Chipotle (CMG) Bernstein 42nd Annual Strategic Decisions Conference summary

Strategic initiatives and leadership

• Launched the new Recipe for Growth strategy with five core pillars, aiming for multi-year growth and early signs of brand recovery.

• Strengthened leadership with new hires in digital, marketing, and supply chain to drive innovation and resilience.

• Evolving brand voice beyond the long-running For Real campaign to better connect with consumers.

• Rebuilding digital strategy and loyalty program to deepen consumer engagement and address competitive gaps.

• Investing in people, technology, and consumer experience to support scalable, efficient operations.

Operational changes and investments

• High-Efficiency Equipment Package rollout improves food quality, guest satisfaction, and operational efficiency, with ROI seen after 2-3 months.

• Testing additional assistant managers in restaurants to improve coverage, KPIs, and guest experience.

• Investments in labor are focused on hospitality and throughput during peak periods.

• Crew engagement and turnover metrics have improved, with internal promotions driving culture.

• Mystery shopping and hospitality initiatives are restoring accountability and enhancing in-restaurant experiences.

Sales, comps, and growth drivers

• Targeting mid-single digit same-store sales growth, with about two points from price and the rest from transactions and mix.

• Menu innovation, digital engagement, and marketing are key levers for transaction growth.

• LTO strategy expanded from two to four per year to maintain momentum and customer engagement.

• Catering and group occasions are being piloted and expanded, with full rollout possible by 2027.

• Build-Your-Own Chipotle (Family Meals) and Happier Hour initiatives are being tested to drive incremental sales and new occasions.