On April 24, Chipotle Mexican Grill (NYSE: CMG) announced financial results for the first quarter of 2024, and investors absolutely loved it. And to be sure, it was a great quarter. But the quarterly financial report overshadowed an update regarding a new restaurant chain the company was cooking up: Chipotle is abandoning the Farmesa concept that it launched last year.

Farmesa isn't the first failed restaurant concept from Chipotle. It follows a growing list of previous attempts. Here's why it (kind of) matters for investors.

In February 2023, Chipotle announced a new restaurant chain called Farmesa, offering customizable bowls, not unlike Sweetgreen. However, Restaurant Business reports that Farmesa is now closed. And to investors, CEO Brian Niccol recently said, "It's not part of our growth strategy right now."

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Source Fool.com