2024-05-04 10:02:00 ET
On April 24, Chipotle Mexican Grill (NYSE: CMG) announced financial results for the first quarter of 2024, and investors absolutely loved it. And to be sure, it was a great quarter. But the quarterly financial report overshadowed an update regarding a new restaurant chain the company was cooking up: Chipotle is abandoning the Farmesa concept that it launched last year.
Farmesa isn't the first failed restaurant concept from Chipotle. It follows a growing list of previous attempts. Here's why it (kind of) matters for investors.
In February 2023, Chipotle announced a new restaurant chain called Farmesa, offering customizable bowls, not unlike Sweetgreen . However, Restaurant Business reports that Farmesa is now closed. And to investors, CEO Brian Niccol recently said, "It's not part of our growth strategy right now."
For further details see:
Another Day, Another Failed 2nd Restaurant Chain for Chipotle