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Last quote about Chipotle

Bill Ackman
I'm beginning to believe that Twitter is filled with a bunch of Chipotle short-sellers.feedback
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Sep 22 2017
The latest person who has talked about Chipotle is Chris Arnold: “When we decided to move forward with the national rollout of queso, we opted to replace chorizo on the line with queso, so chorizo is going away. While we really liked the chorizo (and many customers did too), the efficiency of our model has always been rooted, in part, in doing just a few things so we can do them really well.”. You’ll find on this page all the other quotes of Chris Arnold and all the other people that have spoken about Chipotle. You can select these people and their quotes by date, by name, and you can easily have access to the articles from which they originated.
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Karen Holthouse - Goldman Sachs Group

A very negative reaction to the queso launch suggests Chipotle Mexican Grill launched a product that is not meeting consumer expectations, and, as a result, missed a potentially significant opportunity to add queso as an incremental add-on. The consumer reaction on Twitter suggests few customers will become repeat users, and it could also limit any initial traffic bump around trial.feedback

Darren Tristano - Technomic

Chorizo didn't sell as expected as it isn't a mainstream American consumer ingredient. Chorizo is a more authentic flavor and Chipotle serves the more 'Americanized' and pop marketplace. Queso is very popular and has likely had good results with consumers.feedback

Carly Waddell

Well, I'm either having a baby or just ate chipotle (either way seems I'm winning at life).feedback

Chris Arnold

What we are seeing now in terms of social sentiment is very similar to what we saw when we began marketwide tests in Colorado and Southern California, yet we were sufficiently encouraged by those tests – both in terms of sentiment from the research we conducted and business results – to roll out the queso nationwide.feedback

Andrew Charles - Cowen and Company

Proprietary survey data indicates Chipotle's quality and value perceptions remain near trough levels, leading us to believe the sales recovery will continue to trail investor expectations. We are concerned upcoming efforts to drive sales are not enough to improve these measures and in turn will not drive upside to investor same store sales expectations.feedback

Andrew Charles - Cowen and Company

Looking ahead to 2018, we believe management's plans to take 5% pricing over the next 2-4 quarters will weigh on traffic in a fragile industry backdrop. We fear Chipotle is looking to drive comps through pricing given the difficulty of regaining traffic over the last 18 months.feedback

Steve Ells - Chipotle Mexican Grill

Although queso was the number one requested menu item, we never added it to our menu before now because we wouldn't use the industrial additives used in most quesos. Additives make typical queso very consistent and predictable, but are not at all in keeping with our food culture. Our queso may vary slightly depending on the characteristics of the aged cheddar cheese used in each batch, but using only real ingredients is what makes our food so delicious.feedback

Chris Arnold

We generally don't update our financial outlook apart from our quarterly earnings disclosures. We'll update all of our financials, including any relevant food cost trends, when we disclose our third-quarter earnings.feedback

Jason West

We would not be buyers [of Chipotle] on recent weakness given limited visibility on the trajectory of same store sales (due to July norovirus incident) and avocado inflation.feedback

Nicole Miller Regan - Piper Jaffray

We recently visited Chipotle's new test kitchen (branded as the Chipotle NEXT Kitchen). Although we recognize the company is still in the early stages, the progress thus far suggests to us that a broader cross-functional shift is occurring in terms of menu/marketing innovation, digital/technology and operations.feedback

Brett Levy

Chipotle has remained under pressure for much of the last two years as investors' concerns over its fundamentals and share price uncertainty persists. Many are still hopeful the company can regain its lost lustre, but we believe expectations assume lofty fundamental and valuation expectations, which have yet to consistently materialize … we continue to view significant risk in the story.feedback

Chris Arnold

We have added to our menu over the years (burrito bowls, salads, sofritas and chorizo, for example), and tested other items (including a roasted tomato salsa, and an expanded beverage offering). So we have never said never to menu innovations, it has simply not been a driver of our business the way it is for other chains. For us to add to our menu, we have always wanted to be sure that what we are adding fits within our menu overall, and does not add unnecessary complexity to our operations.feedback

Chris Arnold

We continue to be open to these kinds of innovations, particularly as they relate to our ongoing efforts to enhance the guest experience.feedback

Nick Setyan

We are still very far from value investors getting involved.feedback

Todd Rosenbluth

There will be a point when this stock starts to show up in value portfolios, but I don't think that we are there yet. There could be more downside risk because the stock still seems expensive to potential value managers.feedback

Steve Ells - Chipotle Mexican Grill

We conducted a thorough investigation, and it revealed that our leadership there didn't strictly adhere to our company protocols. We believe someone was working while sick. We took swift action and made it clear to the entire company that we have a zero-tolerance policy for not following these protocols. We were focused too much on building cultures that didn't drive the results we were expecting and too little on the operations fundamentals required to deliver an exceptional guest experience.feedback

Scott Boatright

I assure you that we've taken swift action, in what's transpired there and making it clear to the entire organization that not following our procedures will have severe consequences. Beyond that we're putting in stronger measures in place to uncover when our procedures break down and we have and will continue to reinforce our zero tolerance policy to our standards.feedback

John Hartung - Chipotle Mexican Grill

Our hope is that the impact will fade over the coming weeks, and that the marketing and buzz around the queso expanded test will change the narrative and encourage our guests to return to their previous visit frequencies.feedback

Kate Hogenson - Kobie Marketing

Restaurant customers don't necessarily want an apology or a discount, they want to know that it will never happen again. As we saw last year with their summer rewards program 'Chiptopia' to battle their previous food incident, simply handing out free food and discounts doesn't do much to change the hearts of customers.feedback

Denise Lee Yohn

How many customers really know who Bill Ackman is and really care? They would care more if a celebrity was eating it or if their best friend did.feedback

Denise Lee Yohn

Testing new products like queso and dessert, working on getting a loyalty program, promoting off-premise catering, these are important ways you win back customers and increase traffic.feedback

Seth Price

The CEO and the employees of Chipotle need to be bold and proactive. Steve Ells has an opportunity to humanize the brand and create a vision for how they will address these challenges in the future. It could be something as bold as setting the highest standard for restaurant food safety in the world.feedback

J.G. Collins

You're asking an 18- or 19-year-old kid to replicate the recipes of a CIA-trained chef in a kitchen – chopping, cooking, serving, – with very limited supervision and to maintain some fairly stringent food safety standards.feedback

Dana Blankenhorn

Chipotle is damaged goods. There's a reason why McDonald's freezes its meat. This is the reason. Fresh food prep like this does not scale.feedback

Chris Arnold

We have policies that preclude people from coming to work sick, and are one of few restaurant companies that provides paid sick days for our employees (including hourly employees). We have added a HACCP (hazard analysis critical control points) program to all of our restaurants, and that program begins with a daily wellness check where employees in our restaurants are asked screening questions to be sure no one is working while sick. If any employees report symptoms of illness, the are excused from work until they are feeling better.feedback

Martin Bucknavage

Clearly, they have hired some well-known food safety experts to help with their programs, so I would expect that their programs would not be drastically different than what occurs at other operations. Their size is not much different than any other large foodservice operation (McDonald's, Panera, Chick-fil-a, etc).feedback

Martin Bucknavage

If another chain had a norovirus outbreak, I am pretty sure that it would not have gained the national exposure the way that Chipotle had in this last outbreak. So yes, we are hyperaware of their issues. That being said, the entire system of retail operations should have been hyperaware of employee health issues.feedback

Mike Khouw

Most of the stocks that have been reporting this earnings season, the options market has been anticipating more muted moves than usual, but that's not the case for Chipotle.feedback

Mike Khouw

We have seen four or five times the average daily volume most of those days, [and] probably two or three times the pre-scare volume [on Monday]. What is really interesting is that there is really not a clear consensus on the direction [on the trades]. It was bearish last week. Today though, it looks like we have both bulls and bears making bets on big moves by the end of the week … so expecting a lot of volatility in this stock going forward.feedback

Bill Marler

They have more to do to make the individual restaurants responsible. That is where you have to get the work done.feedback

Robert Passikoff - Brand Keys

I always joked that they had a reserve table at No. 1. I wouldn't bet on them moving up the list.feedback

Mark Crumpacker - Chipotle Mexican Grill

We know many of our lapsed customers are waiting for a reason to return to Chipotle and new menu items are an ideal way to spark the necessary interest.feedback

Steve Ells - Chipotle Mexican Grill

The safety and well-being of our customers is always our top priority. The event that occurred at this restaurant is consistent with Norovirus which can be introduced by people into any closed environment like schools, cruise ships, nursing homes or restaurants. It is unfortunate that anyone became ill after visiting our restaurant, and when we learned of this issue, we took aggressive action to correct the problem and protect our customers.feedback

Chris Arnold

A few mice did get inside one restaurant from outside due to a small structural gap in the building. Our management immediately removed them and the gap was quickly repaired.feedback

Jim Marsden - Chipotle Mexican Grill

The "norovirus does not come from our food supply, and it is safe to eat at Chipotle.feedback

Steve Ells - Chipotle Mexican Grill

We continually strive to find new and innovative ways to ensure that our restaurants are safe.feedback

Andrew Strelzik

While norovirus at a single location is not overly significant on the surface, we believe there is greater uncertainty now as there is a reasonable probability that media coverage will outweigh the severity of the incident and create renewed same-store sales weakness, expanding downside risk within our framework.feedback

Bob Derrington - Telsey Advisory Group

We believe yesterday's pullback in CMG shares has tipped the risk/reward in its favor. We believe management's more aggressive plan in menu innovation (incl. current tests of Queso, margaritas, salads), technology enhancement, together supporting off-premise sales, catering and ultimately profits combine to add upside potential to our revised 2018 estimates.feedback

Jeff Farmer

Only 16 months removed from Chipotle's last food scare, we believe consumer response to Tuesday's norovirus headlines could be amplified with Chipotle still building back food safety credibility with many consumers. We expect the Chipotle system to face heightened traffic headwinds over the next several weeks.feedback

Chris Arnold

We are working with health authorities to understand what the cause may be and to resolve the situation as quickly as possible. The reported symptoms are consistent with norovirus. Norovirus does not come from our food supply, and it is safe to eat at Chipotle. We plan to reopen the restaurant today.feedback

Jim Marsden - Chipotle Mexican Grill

We are aware of a small number of reported illnesses isolated to a single restaurant in Sterling, Virginia on Tripleseven Road, and have notified local health department officials. We are working with health authorities to understand what the cause may be and to resolve the situation as quickly as possible.feedback

Jim Marsden - Chipotle Mexican Grill

The reported symptoms are consistent with norovirus. Norovirus does not come from our food supply, and it is safe to eat at Chipotle. We plan to reopen the restaurant today. We take every report of illness seriously. In accordance with our established protocols, our team is working to ensure the safety of our customers and employees, including voluntarily closing the restaurant yesterday to conduct a complete sanitation.feedback

Bruce Schroder

When we caught wind that there were poser cups of queso on the loose, we decided to act fast.feedback

Jeffrey Bernstein - Barclays

The question remains whether these new menu items will prove successful long-term.feedback

David Henkes - Technomic

While Chipotle will always have its diehards, creating some new excitement around the menu is really important to increase the appeal to the 'casual fan' and to create some new buzz. I do think this will create a bump for them, but at this point it's really just catching them up to what many of their competitors already offer.feedback

Jeffrey Bernstein - Barclays

Chipotle management has noted that queso has been the most requested item not currently on the Chipotle menu. CEO [Steve] Ells noted in an internal memo to employees yesterday that 'all of our competitors sell queso, and we know some customers don't come to Chipotle because we don't offer it.feedback

David Tarantino

While we remain confident management has the right strategies in place to fuel a recovery in sales/profitability over time, we also believe the short-term risk profile on CMG is somewhat elevated.feedback

J.G. Collins

You order off of a steam table, carry a tray to your table and pay a high price, relatively, for doing so. That's not terribly different from what you do in McDonald's, when you think about it, although McDonald's is a bargain by comparison.feedback

Darren Tristano - Technomic

Although Chipotle has struggled with food safety and sales in the last 18 months, they continue to maintain high levels of food integrity and quality ingredients. Although their format is fast, they are not in the same category as fast food giants like McDonalds, Subway, KFC or Taco Bell.feedback

David Henkes - Technomic

But I think it's a stretch to take some of their challenges and move them into a segment that is more value and convenience-oriented.feedback

Jeff Reeves

Taco Bell had three rather messy food poisoning scares in about 10 years, Ford's explorer rollover issues are a distant memory and nobody even remembers when Netflix angered everyone with its ill-advised Qwikster plan. Brands always bounce back because consumers have a painfully short memory. In fact, if you look at the numbers Chipotle is already tracking a new record for revenue and double-digit sales growth next year.feedback

Troy Li

We think it would be imprudent to call this a final conclusion. It nonetheless reminds us that Chipotle's good old days of raising prices by 10 percent and customers still embracing the brand by topping it off with another 10 percent increase in traffic are in the rear view mirror.feedback

Jeff Reeves

Let's not confuse a stock that fell from bubble-like level with a company that can't attract customers. Chipotle will be fine, even if CMG stock has obvious issues with valuation.feedback

Jim Cramer

The key to figuring out when interest has peaked and it is time to sell is by watching the analyst coverage.feedback

Jim Cramer

This formula has worked for me as long as I can remember. As far as I can tell, it works because the number of analysts on a stock is a good gauge of how much awareness and interest there is in a name.feedback

Monty Moran

The foundation of our people culture, on which everything else stands, is the concept that each person at Chipotle will be rewarded based on their ability to make the people around them better.feedback

Nicole Miller Regan - Piper Jaffray

Our latest checks largely reflect the consensus view that Chipotle trends have largely turned the corner and are now on the mend. Although still early, initial indications suggest new television advertising has helped to drive awareness and that the new bunuelos dessert item has been received favorably.feedback

Peter Saleh - Telsey Advisory Group

We remain Neutral on shares of Chipotle as we believe the sales and unit economic recovery ought to be further along 18 months after the initial food safety incidents.feedback

John Manley

Earnings are starting to re-accelerate. It may stop tomorrow, and if it does, well, I'll change my mind tomorrow. But right now, earnings are growing.feedback

Avivah Litan - Gartner

In this case, the card companies will fine Chipotle and also hold them liable for any fraud that results directly from their breach.feedback

Linn Freedman - Robinson & Cole

I don't think you will get to all of the customers who might have been affected.feedback

Chris Arnold

Credit monitoring is only designed to let you know when someone is opening a new credit account using your information. Credit monitoring does not alert you when a fraudulent charge is made on a payment card.feedback

Jack Hartung - Chipotle Mexican Grill

I think the best sign that this is working is not just the customer satisfaction scores, of course, but also our turnover at the manager level is as low as it's been in nine years. So our managers are voting by saying, I believe in where Chipotle's going, I know what success looks like. They're reaching success at a faster level than they ever have before, and so we think that's a great sign in a matter of just a few months.feedback

Jack Hartung - Chipotle Mexican Grill

We were successful, and so, you know, success sometimes gets in the way of seeing reality, and the reality in our case was we focus on culture, which is a great thing. Of course you need a great culture. And we still value our people. We value a special culture. But we emphasized culture over and above the customer and over and above great training.feedback

Jack Hartung - Chipotle Mexican Grill

When we made the change, we didn't say goodbye to culture. What we said was let's have culture be in the right balance, in the right balance of making sure we have great people who are well trained who are focused on the customer. And we had that balance out of order. And when we re-balanced things and we defined success based on the customer, based on training, our teams responded really, really quickly.feedback

Jack Hartung - Chipotle Mexican Grill

Even before the crisis, we were losing our edge in terms of what it takes to run a great restaurant, and we're getting that edge back. We discovered that we lost our focus on just the basics of running a restaurant, the basics of making sure that the customer comes first, and the basics of training each of our crew members and our managers and assistant managers what it takes to run a great restaurant, what it takes to provide a great customer experience. We'd made things too complicated over the years.feedback

Jack Hartung - Chipotle Mexican Grill

It's just been [in] a few short months that we changed our focus, we changed how we measure success, we changed how we define success, and then we've aligned all of our incentives around this new definition of success.feedback

Laszlo Birinyi - Birinyi Associates

Even these days, the S&P is up 1, but Tesla is up $14 so what we've been saying is this is actually good because it keeps traders at the table. If a trader was just looking at the market, he'd take a long lunch. If he comes in and Priceline has a big move, it keeps traders in the game. Apple's moving, Chipotle is up 9. Regeneron is up $60 in the last two weeks.feedback

Steve Ells - Chipotle Mexican Grill

This degree enables our employees to apply what they learn in the classroom to their work at Chipotle and vice versa. Employees will gain a solid understanding of business operations including people development, marketing, and decision making. The new degree program extends a series of education benefits we've been putting in place over the last couple of years to help better equip our employees for success at Chipotle and beyond.feedback

John Hartung - Chipotle Mexican Grill

Because the investigation is continuing, complete findings are not available.feedback

Peter Saleh - Telsey Advisory Group

While the sales recovery is certainly occurring, we believe the recovery remains modest and weaker than ought to be expected 18 months after the food safety incidents.feedback

Peter Saleh - Telsey Advisory Group

We view the fact that sales in the West Coast and Northeast remain in the negative low 20s and high-teens, respectively, on a sales-dollar basis as evidence that recovery remains anemic. While we are encouraged to see a more pronounced improvement in the Midwest and Southeast, we don't believe this will be enough.feedback

Mark Kalinowski

This issue may bear watching, as – at times – similar issues have adversely affected same-store sales trends at some of those restaurant concepts unfortunate enough to go through this challenge.feedback

Matthew DiFrisco - Guggenheim Partners

Our experience from other brands suggests the introduction of digital ordering tablets and noncustomer facing 'second-make' lines adds complexity to store level operations, requiring incremental or repurposed labor potentially near-term margin.feedback

Chris Arnold

Even with the new prices, our pricing remains very competitive within the category, particularly if you factor in the quality of ingredients we use.feedback

Jim Cramer

In order to boost its sales, Chipotle's spending a fortune to drive traffic, and these investments could put a major dent in the company's bottom line. This is what most of the analysts are really worried about, that higher labor costs, the higher food costs, along with technology and marketing investments, will weigh heavily on what the company is making after its sales – in other words, the company's margins.feedback

Jim Cramer

In terms of new numbers, though, management told us that the company's same-store sales grew by more than 24% in January – exactly the kind of pickup that we'd been waiting for and expected. Chipotle needs to keep executing, but the pieces are all there. Even the tricky border pieces are in place. Time for Chipotle to put the rest of the puzzle together. I recommend that you homegamers hang on for the ride, and new buyers, wait for the dip that will come after this fast run up that we had today, and then grab it and go.feedback

Mark Crumpacker - Chipotle Mexican Grill

At Chipotle, our real ingredients have nothing to hide. Other restaurants are trying to make their ingredients sound better by switching artificial colors, flavors and preservatives for friendlier sounding additives that serve the same purpose. Our food is made entirely with real ingredients that consumers easily recognize – the kinds of ingredients you can buy yourself at a farmers' market or grocery store. This new game encourages customers to learn about what's real in their food and what's not, while reinforcing our commitment to high-quality ingredients.feedback

Bonnie Riggs - NPD Group

It's going to take [Chipotle] time to get back on track. They still have their work cut out for them for consumers to find them trustworthy. I don't know if [consumers] really care. They care about things that they are most knowledgeable about and are aware of... getting in that deep, I think it confuses things.feedback

Ted Marzilli - YouGov

The dark blue line is always above the light blue line, so that's saying that a higher proportion of people who consider themselves to be healthy eaters would consider a Panera restaurant versus the general population as a whole. The why behind that is a bit of conjecture or inference.feedback

Sara Burnett - Panera

We do use natural preservatives and we do use some natural flavors for some products. They do serve a role in our menu and, especially, preservatives, in particular, serve a very important role in terms of both quality and food safety, which are things we don't compromise on.feedback

Dieter Waizenegger

We will continue to monitor Chipotle's progress, but are encouraged by these steps.feedback

R.J. Hottovy - Morningstar

[The moms] have found other options in the fast-casual space – healthier options, and lots of these are private players. Numbers are improving.feedback

R.J. Hottovy - Morningstar

February was weak for a lot of restaurant chains, but March has bounced back solidly.feedback

Chris Arnold

The lead director essentially serves as an independent chief for the board and provides an alternative to splitting the chairman and CEO roles.feedback

Steve Ells - Chipotle Mexican Grill

If you care for your ingredients properly, package them nicely and keep them at the right temperature, you don't need to have these preservatives.feedback

Steve Ells - Chipotle Mexican Grill

We never resorted to using added colors or flavors like many other fast food companies do simply because these industrial additives often interfere with the taste of the food. However, commercially available tortillas, whether they are for us or someone else, use dough conditioners and preservatives. I've been on a quest for a better tasting tortilla for years, and we finally achieved a tortilla made the way you would make them at home, and they are simply delicious. Ultimately, all of the decisions we make about the ingredients we use are about making the very best tasting food we can.feedback

Katharine Dalton

Brands that don't pay attention to that are just not going to keep up.feedback

Mike Lukianoff

We're starting to see a lot of different kinds of flavors.feedback

Chris Arnold

We just didn't believe that ShopHouse warranted continued investment.feedback

Peter Saleh - Telsey Advisory Group

For the remainder of the year, we expect same-store sales to be volatile as the company laps last year's aggressive promotional activity. We believe the launch of TV ads as part of the new campaign in April could help aid the recovery but remain cautious given the sales and promotional comparisons, noting January did represent the easiest comparison. We would await more consistent top-line trends and greater earnings confidence before becoming more constructive.feedback

John Zolidis

This represents a solid start for the year against Chipotle's easiest comparison. Looking forward, we believe that the sales recovery will accelerate as management aligns store teams against revised customer-oriented goals and as digital and marketing efforts are brought to bear.feedback

Steve Ells - Chipotle Mexican Grill

Over the second half of 2016 we attracted millions of new or lapsed customers and we are pleased with the rate that these new customers are converting from new or lapsed to regular customers.feedback

Paul Westra - Stifel

We recommend the selling of Sell-rated Chipotle shares ahead of Chipotle's fourth-quarter 2016 release on Thursday, Feb. 2nd as we suspect that Chipotle's January 2017 monthly comp will likely show little to no sequential improvement in its now 13-month-long sales recovery from food-safety scandals.feedback

Mark Kalinowski

Our belief is that the company generally obtains about 70 to 90 percent of its avocados from Mexico, all of its limes, the majority of its jalapenos, less than half of its tomatoes, and small amounts of other items (e.g., cilantro). In other words, should a 20 percent tariff be enacted for goods imported from Mexico, Chipotle likely would bear the biggest brunt of this potential impact on food costs compared to the other companies we cover.feedback

Matthew DiFrisco - Guggenheim Partners

Chipotle is fighting to restore historical sales volumes and operational highs while maintaining 8 percent unit growth and introducing digital catalysts. We learned just last week the strain digital integration can put on a system. We expect Chipotle's struggles to continue while facing increased fast, healthy format concepts.feedback

Steve Ells - Chipotle Mexican Grill

Returning to our roots of what originally made Chipotle great has helped refocus all of our strategies toward the guest experience. In the upcoming year we intend to continue to simplify and improve our restaurant operations, utilize creative marketing to rebuild our brand, and further the roll-out of our digital sales efforts. All three of these strategic initiatives are centered on improving the guest experience and restoring customer affinity for the Chipotle brand, and we are confident in our teams' abilities as we start this new year.feedback

Mark Crumpacker - Chipotle Mexican Grill

It only adds one ingredient not already found in our restaurants, it's easy to prepare, and it's delicious. We don't view new menu items as significant drivers of our business. The simplicity of the Chipotle offering is central to our success.feedback

Erik Thoresen - Technomic

Menu prices at some fast casual restaurants have risen to a level where the perceived value for a typical consumer has eroded. Add to that the struggles of Chipotle, which represents a sizeable share of the fast casual industry, and it was evident that forecast revisions in for 2016 and 2017 were necessary.feedback

Bill Ackman

We are pleased that Chipotle has taken the important step of refreshing its board, which will position the company for continued growth and long-term success. We look forward to working with the board and management to create sustained value for all shareholders for many years to come.feedback

Dieter Waizenegger

Replacing two or more incumbent directors with diverse candidates experienced in effective human capital management should be the highest immediate priority for the company, given that both its downturn and sluggish recovery have stemmed from inadequate training and staffing, as well as excessive operational complexity.feedback

Neil Flanzraich

This approach has proven to be a very successful formula, but as the company grew, operations became more complicated and less consistent. Given the ongoing challenges facing the company, the board felt strongly that it was best for Steve to resume leadership of the company going forward. This will ensure that his high standards for the guest experience and his unyielding commitment to the company's mission are top priorities.feedback

Danny Meyer - Meyer

I think people are coming back in droves. Even if they're coming back to debate, there's nothing like sitting around a table with some good food with friends and that seems to really be bringing people out and we couldn't be happier.feedback

Jeff Gramm

The food-safety crisis really exposed shortcomings in Chipotle's management and governance.feedback

Matthew DiFrisco - Guggenheim Partners

We see greater downside risk to shares given an optimistic outlook requiring a steep sales recovery and earnings improvement already assumed in current expectations.feedback

Bill Ackman

Our investors should not be concerned that we're in some kind of hostile engagement here.feedback

Jack Hartung - Chipotle Mexican Grill

They are not going to be easy targets, but we thought we owed it to our shareholders to put something out there in terms of what we can deliver.feedback

Mohammad Abu-Ghazaleh - Fresh Del Monte Produce

Particularly in the last six weeks, the prices in Mexico have gone so high. And that was actually by design of the growers, that they stopped picking fruit and stopped picking the avocados, which made a huge shortage in the pipeline. And that pushed the prices up to $70, $80 a box, which is really absurd.feedback

Ramon Paz

The brief delay in shipment of avocados from Mexico has been resolved, and as a result, pricing is returning to seasonal levels.feedback

Mohammad Abu-Ghazaleh - Fresh Del Monte Produce

The pipeline is already back normalizing the supply. However, the prices haven't come down as much as we would like to see.... I hope within the next 30, 40 days, we will see a more normal situation.feedback

Jack Hartung - Chipotle Mexican Grill

Avocado supply declined during the summer, and we, again, experienced higher pricing, although we had hoped that this would be a temporary spike. In recent weeks, though, supply has become even tighter, and pricing had become much more volatile than expected. In fact, we have seen that some competitors recently have posted signs on their doors saying they are out of avocados altogether.feedback

Keith Mestrich - Amalgamated Bank

Chipotle's closed-off and limited governance structure is unsustainable and counterproductive, posing a direct risk to shareholders and the public at large.feedback

Steve Ells - Chipotle Mexican Grill

After operating in three diverse markets, we have determined ShopHouse hasn't demonstrated an attractive unit economic model.feedback

Kate Hogenson - Kobie Marketing

Regular visitors become loyal customers through high customer engagement, superior service and stand-out experiences – not through discounts alone. And it's true brand loyalty that keeps customers coming back.feedback

Will Slaubaugh - Stephens

It's not stabilized much. We've seen it slowly improve, but not at quite the rate where people thought it was going to.feedback

Ari Wald - Oppenheimer Holdings

I would be staying away from this one; I don't think the trend has come around enough. The stock has been beaten up, and we are indeed seeing some signs of stabilization at this $400 level; this is a very important level.feedback

Boris Schlossberg

I think it's a good buy; you know, one of the best ways to make money in the market is to buy great companies when they stumble, and it appears that Chipotle has gotten a handle on all of its health problems, and now, at this point, really seems to be seeing a resurgence.feedback

Ari Wald - Oppenheimer Holdings

We'd rather, if you get a pop, to sell it, rather than if you get a drop, to buy it.feedback

Mike Khouw

[There's been] a lot of bearish sentiment. I think this one might finally surprise to the upside.feedback

Brian Vaccaro - Raymond James & Associates

We are increasingly of the view that lost sales (still down 15-20% nearly a full 12 months after the initial E.coli incident) could prove to be more permanent in nature, which creates additional downside risk in the stock.feedback

Chris Arnold

We will provide a full update on our financials when we release our third-quarter earnings on Oct. 25.feedback

Mark Kalinowski

The company's third-quarter promotions (including but not limited to Chiptopia) do not appear to have had the fully desired effects from the company's perspective.feedback

Chris Arnold

We announce earnings for the third quarter later this month. We'll provide a full look at our financials and where things stand at that time.feedback

Steve Ells - Chipotle Mexican Grill

The reaction to chorizo in the cities that have had it has been overwhelmingly positive, so we're making it available in all of our restaurants across the country. Our chorizo is made with Responsibly Raised chicken and pork, and provides a delicious new option that fits perfectly with the rest of our menu.feedback

Jason Dowd

It's a whole new platform for our customers to express choice and variety.feedback

Jason Dowd

It's a nice way for us to get new flavors into the restaurant. But, it also has a lot of building blocks that can stay there through this promotion and live on in the restaurant. ... We're trying to build up a pantry.feedback

Chris Arnold

We have maintained from the outset that this case is without merit and will vigorously defend our employment practices.feedback

Mark Blanks

It's real customers that are working and need lunch and want it delivered by drone.feedback

Tim Sands

It sounds simple, but it's not. There are a lot of things to work out from a safety point of view – and a policy point of view.feedback

Howard Penney - Hedgeye Risk Management

The last thing that they want is a battle in the courtroom over paying these people money because that keeps it in the news.feedback

Dave Vos - Google

It's the first time that we're actually out there delivering stuff to people who want that stuff.feedback

Ted Marzilli - YouGov

For at least some consumers, the outbreaks from last year still resonate, and for those customers, eating in a Chipotle even today is not worth the risk.feedback

Chris Arnold

We always look to engage with customers on social in a way that is fun and without taking ourselves too seriously. The nature of these tweets is not really a departure at all from what we've done for months, or even years.feedback

Mark Kalinowski

This provides Chipotle with a prominent key shareholder, one that is likely to use its voice pro-actively.feedback

Dieter Waizenegger

Ackman tends to come in forcefully and now everyone on the board, including the two CEOs, is under reconsideration.feedback

Chris Arnold

We just learned yesterday of Pershing Square's acquisition of Chipotle shares. We welcome their investment, and appreciate the confidence they've expressed in our brand, differentiated offering, visionary leadership and strong growth opportunities.feedback

John Hartung - Chipotle Mexican Grill

All the customer research points to the fact that we are recovering in the minds of our customers. In most cases we had bottomed in January, and we have been recovering steadily ever since.feedback

Mark Kalinowski

In general, we'll continue to see Chipotle engage in multiple waves of trying to win back its customers. I think it's going to continue to be a long path back.feedback

Chris Arnold

We are interviewing for a new board member now and considering additional board changes to meet longer-term needs.feedback

Chris Arnold

We have been active in communicating with our shareholders and, as we generally do, are taking action based on their feedback.feedback

Darren Tristano - Technomic

Unfortunately, I think only time is going to help them with the sales hole. I think consumers are very forgiving, but it's going to take more time.feedback

David DuBois - Chipotle Mexican Grill

When filing for the 'Tasty Made' registration, Chipotle's legal team would have inevitably known of us at Tasty Burger, since they would have had to do a search of existing marks/registrations and come across ours. All of this leads us to believe that Chipotle has intentionally chosen to proceed with the 'Tasty Made' name and mark without regard to the obvious infringement.feedback

Steve Ells - Chipotle Mexican Grill

Early fast food burger restaurants generally had focused menus. We think there's great strength in that original fast food model and wanted to create a restaurant built around that. Making only burgers, fries and shakes with really great ingredients, we think we can appeal to peoples' timeless love of burgers, but in a way that is consistent with our long-term vision.feedback

Nick Setyan

You have to differentiate between a good stock and a good business. I think that even the most bearish guys in the world are assuming that Chipotle is going to get their sales back. Whether it's in 2018 or 2019 or 2020, they will get their sales back, the problem is their margin structure is going to look extremely different coming out of this crisis than going in.feedback

Jeffrey Bernstein - Barclays

It looks like it's going to take a lot longer if it ever does get back to full strength.feedback

Jeremy Scott - CLSA

Chiptopia [rewards program] will be a key catalyst for traffic rebuild, in our view.feedback

John Glass - Morgan Stanley & Co. International

And while comps should begin to improve in the [second half of 2016], our work has compelled us to rethink the rate of improvement and commensurate margin gains in both '16 and '17, as well as longer term.feedback

John Glass - Morgan Stanley & Co. International

We are downgrading ... based on new evidence that the sales recovery will remain more protracted than the market believes, and possibly more costly as a result, as CMG likely needs to ramp up marketing spend to lure consumers back in.feedback

Jim Cramer

Never assume that just because something happened, it has to make sense because the market always is supposed to make sense. That's nonsense.feedback

Jim Cramer

When that occurs, you want to take advantage of the irrationality, not buy into it by chasing stocks or panicking out of them, Remember, nobody ever made a dime panicking.feedback

Chris Arnold

We are aware of the post made on Twitter, however there have been no reports of illnesses at any of our New York restaurants. Moreover, we have excellent health department scores throughout the city, and we continue to have the highest standards of food safety in our restaurants.feedback

Mark Shambura - Chipotle Mexican Grill

We are changing the way people think about and eat fast food. That starts with using excellent ingredients, and preparing those ingredients using classic cooking techniques. A Love Story' illustrates how competition propelled these two once-simple concepts to become something neither of their founders envisioned – reliant on limited time offers, vast menus and heavily processed food.feedback

Nick Setyan

I think they're probably more susceptible than any other restaurant out there to such a crisis. I do think there's probably a higher percentage of customers that aren't coming back on a permanent basis.feedback

Andrew Charles - Cowen and Company

We're debating visibility of the next month, let alone next year. But we think they're going to move more toward normalized earnings as time progresses, and time will help heal the wounds.feedback

Randy Garutti - Shake Shack

We have continued to execute our growth strategy and drive record results and engagement with our guests while making crucial investments in our team and our Shacks.feedback

Jack Hartung - Chipotle Mexican Grill

I would not expect a loss in the second quarter. the company expects costs to ease.feedback

Håkon Helgesen

While Chipotle claims that its sales are on a gradual path to recovery, the results from the first quarter of its new fiscal year suggest otherwise.feedback

Steve Ells - Chipotle Mexican Grill

As our sales are on a gradual path to recovery, we remain focused on our mission of changing the way people think about and eat fast food. The best approach to re-building our business is to proudly serve safe and delicious food in our high-quality restaurants every single day, which is exactly what we will continue to do.feedback

Dieter Waizenegger

The last three quarters were a crucial time for Chipotle to demonstrate competent leadership in crisis. In contrast, the response has been publicly labeled as a mere PR blitz - one that was slow, superficial and unconvincing.feedback

Dieter Waizenegger

With the company facing slowing momentum and potential growth challenges going forward, Chipotle is in need of genuinely independent oversight now more than ever. Shareholders must intervene now.feedback

Joe Fersedi

Sales are still down quite a bit, but they've improved meaningfully.feedback

Ashley McCown

Chipotle needs months and months of clean bills of health before they put this in their rear view mirror.feedback

Tushar Parashar - Vivaldi Partners

People who are seriously loyal are easy to win over. A free burrito is not enough to get you to come back.feedback

Steve Odland

I think the bigger issue is they need to fix the underlying food safety issues ... which caused the stock price hit.feedback

Lynne Collier - CRT Capital

The publicity around this news announcement will be another negative data-point that may affect consumer demand.feedback

Chris Arnold

We are hosting a national team meeting to thank our employees for their hard work through this difficult time, discuss some of the food safety changes we are implementing, and answer questions from employees.feedback

Matthew Corrin

Like millions of other people, we at Freshii are big fans of Chipotle. We figured the least we would do was look after their customers while Chipotle pauses to recalibrate.feedback

Matthew Corrin

If a few Chipotle customers fall in love with a Freshii menu item, we hope they'll come back to both stores more often.feedback

Steve Ells - Chipotle Mexican Grill

We face these difficult times now and need to reassure our customers that this can't happen again, and that we are going to reduce the risk of this kind of outbreak from occurring again to near zero.feedback

Bob Derrington - Telsey Advisory Group

I'm not sure, quite frankly, they'll ever have the halo they did prior to the outbreak.feedback

Chris Arnold

As a matter of policy, we don't comment on pending legal actions, but will offer our full cooperation.feedback

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