Burrito makers Chipotle Mexican Grill have an interesting new recipe: announce price hikes on your food, kick genetically modified ingredients to the curb, watch stock prices soar.
Chipotle’s stock reached an all-time high last week after it announced that it would be raising prices on its “entire menu,” according to the Los Angeles Times
The company’s co-CEO, Steve Ells, said during a conference call that the price hike is due to “ingredient inflation” and the cost of removing GMOs. The price hike will likely be around 3 to 5 percent.
The initial response to the latest GMO news elicited joy when delivered to an audience of financial analysts and other investment-banking types. Following the announcement of the GMO and price-hike information, along with news of better-than-expected quarterly profits, shares rose nearly eight percent.
Chipotle has also launched a new site in partnership with The Huffington Post
, called Food for Thought
. It’s a bold new content marketing move from a company that’s starting to be known for bold content marketing moves.
So far, the site contains ingredient-related content and relatively light branding, a strategy that seems on par with what the company has also accomplished in recent spots:
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