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Chipotle to give away more than $20 million in free catering
Looks like Chipotle Mexican Grill (NYSE: CMG) was about to get quite a few customers to chew on its loyalty program.
A whopping 85,000 people are slated to receive free catering from Chipotle for successfully completing the burrito chain's loyalty program, Chris Arnold, a spokesman for the company, told CNBC.
The Chiptopia program, which began in July and ends Friday, had three tiers: mild, medium and hot, and rewarded customers who frequented the restaurant over the summer.
Burrito-lovers who maintained the "hot" status — purchasing 11 or more entrees each month — for all three months earned up to nine free meals and will now receive catering for 20 people, a value of around $240. That comes out to about $20.4 million.
The company received a boost from its Chiptopia program during the second quarter. On a call with analysts in July, the chain said it would launch another loyalty program, though it has not yet determined if it will be permanent.
Chipotle CEO Steve Ells noted that July sales had improved by 200 to 300 basis points because of the loyalty program, which has attracted more than 3.6 million participants.
Correction: This story was revised to fix incorrect headlines giving the monetary amount of the free catering. The correct total is $20.4 million.
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