Chipotle shares fall on slower same-store sales
Chipotle Mexican Grill Inc. on Tuesday said it earned $140.2 million, or $4.45 a share, in the second quarter, compared with $3.50 a share a year ago. Revenue hit $1.2 billion, up from $1.05 billion a year ago. Analysts polled by FactSet had expected the fast-casual restaurant chain to report earnings of $4.41 a share on sales of $1.22 billion. Comparable-restaurant sales rose 4.3% but were down sharply from 10% growth in the previous quarter and 17% growth a year ago. Chipotle said it expects to open new restaurants at or above the high end of the previously announced range of 190 to 205 stores this year. Chipotle has opened 48 restaurants in the quarter, bringing the total to 1,878. A decrease in dairy and avocado prices offset higher prices for beef and for packaging, Chipotle said. Shares of Chipotle fell 7% in after-hours after ending the regular session down 0.7%.
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