Carne asada is a more tender cut of steak, cut into thin strips rather than chunks, and it priced 50 cents higher than Chipotle's original steak.
Chipotle Mexican Grill is extending the run of carne asada through the end of this year and into the first quarter of 2020.
call, executives had warned that the supply of carne asada could run out before the year's end but said the item could make a return to the menu. Chipotle shares, which have a market value of $20.7 billion, are up more than 72% year to date, through Monday's close. Earlier this year, Chipotle shares returned to the level the stock had been at prior to a series of food safety issues several years ago, which had hurt sales. Since reaching that milestone, the stock went on to hit an all-time high of $857.90 in early September.
Chipotle's loyalty program, Chipotle Rewards, which launched in March 2019, has 7 million members. These customers were the first to learn of the carne asada addition.In a post-earnings interview last month, Niccol saidto make keep carne asada on the menu even longer.
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