CHIPOTLE MEXICAN GRILL $665.67 (New York symbol CMG; TSINetwork Rating: Speculative) (303-595-4000; www.chipotle.com; Shares outstanding: 31.1 million; Market cap: $22.0 billion; No dividends paid) has hired Curt Garner as its first chief information officer. The company hopes Garner will improve its mobile presence, including the ability to order and pay through smartphones and tablets.
Mobile apps have already paid off very successfully for fast-food and fast-casual chains like Domino’s, Panera Bread, Starbucks and Taco Bell.
Previously, Garner spent 20 years at Starbucks in various technology roles, including CIO. The coffee chain recently finished rolling out its mobile ordering and payment app at its more than 7,400 U.S. outlets.
Mobile payments now represent more than 20% of Starbucks’ U.S. sales, and it saw higher sales at stores that were quick to adopt the mobile app.
Garner’s hiring adds to Chipotle’s appeal, but the stock trades at over 38 times its forecast 2015 earnings of $17.16 a share. That’s a high ratio that leaves it vulnerable if it runs into any short-term problems.
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