Chipotle to launch Adobo Ranch dip after sluggish start to the year

Core Insights - Chipotle Mexican Grill is launching a new dipping sauce, Adobo Ranch, on June 17, aiming to leverage American consumers' preference for ranch to boost sales [1] - The introduction of Adobo Ranch marks the first new dip since the launch of queso blanco in 2020 [1] Financial Performance - Chipotle experienced its first same-store sales decline since 2020 in the first quarter, attributed to consumer concerns about the economy [2] - The company has lowered its full-year same-store sales growth outlook and anticipates that traffic will not increase until the second half of the year [2] - Chipotle's shares have decreased by 12% this year, resulting in a market capitalization of $71 billion [2] Product Details - Adobo Ranch is made with adobo peppers, sour cream, and herbs and spices, and will be available for an additional cost of 75 cents [3] - Ranch is a popular condiment, outselling ketchup, although mayonnaise remains the top choice among U.S. consumers according to NIQ retail sales data [3]