Chipotle dives after it reports comparable sales that missed Wall Street estimates
Chipotle also said same-store sales declined by 4%, compared to the 2.9% decline analysts were penciling in, and lowered its outlook for the year.
Chipotle dropped in early trading on Thursday trading after it reported a same-store sales decline that was worse than Wall Street anticipated.
After the market closed Wednesday, the burrito giant reported adjusted earnings per share of $0.33 and $3.1 billion in sales, right in line with what analysts polled by FactSet were expecting. But Chipotle also said same-store sales declined by 4%, compared to the 2.9% decline analysts were penciling in.
This marks the second quarter in a row that it reported a decline in that key metric. Last quarter, it reported its first comparable-store sales decline since 2020.
The company also lowered its outlook for the year. It now expects full-year comparable sales to stay flat for the year, down from the low single-digit growth it previously forecast.
The stock fell more than 13% minutes after markets opened Thursday morning. It is now down about 25% since the start of the year.
