Tickers: $CMG
Key Takeaways:
  • Queso 
    • Attach Rates: We are seeing an attach rate in this monthly survey of 26% (of those who visited in the past month), which is just a touch lower than our quarterly survey result that we shared in October (29%) and higher than the attach rate of around ~15% that CMG referenced on their earnings call.
    • Feedback: Customer opinion of the queso is definitely mixed, but perhaps not as negative as social media feedback would suggest.
  • Traffic
    • Traffic remains below pre-food safety issues 2 and 3 years ago, but continues to be a touch better than what we saw one year ago in our tracker (see chart on page 9).
  • Food Safety
    • Awareness of the food safety issues is off series highs but is still quite high (likely due to the publicity around the issues and the issues repeating).
    • After increasing from Jan (16) to Jan (17), the percentage of CMG customers who have been back since the food safety issues has been in a flat holding pattern.