Chipotle Mexican Grill, Inc. (NYSE:CMG) saw its shares rise Tuesday. Here's what you need to know.
What To Know: Chipotle announced it is testing a new menu item — Chipotle Honey Chicken — in 80 restaurants across Nashville, Tennessee, and Sacramento, California. This latest offering combines the heat of chipotle peppers with the sweetness of pure honey, creating a unique flavor profile that has already received high marks in consumer taste tests.
The introduction of Chipotle Honey Chicken is part of the company's broader strategy to roll out two to three new menu items annually. Previous chicken innovations, such as Chicken al Pastor and Pollo Asado, have proven successful, with Chicken al Pastor becoming the most requested menu item following its debut.
What Else: The National Labor Relations Board (NLRB) accused Chipotle of unlawfully withholding pay raises from unionized employees at its Lansing, Michigan, location.
According to the NLRB's general counsel, the company informed these workers that they would not receive the same raises given to non-unionized employees due to their union status. The International Brotherhood of Teamsters, representing the Lansing workers, filed the complaint, which could result in a formal charge against Chipotle if not resolved.
This is not the first time Chipotle faced labor-related challenges. In April 2023, the company agreed to pay $240,000 to settle an NLRB case related to the closure of a restaurant in Augusta, Maine, amid unionization efforts.
The latest allegations come at a critical time for the company, with its outgoing CEO Brian Niccol set to join Starbucks in September.
CMG Price Action: Chipotle shares were up by 2.54% at $56.16 Tuesday at publication, according to Benzinga Pro.
- Survey Finds 46% Of Middle-Class Workers Are Halting Or Cutting Their Retirement Contributions Due To Relentless Rise In Cost Of Living
Photo: Shutterstock.