Chipotle shares drop after Q3 sales miss Wall Street estimates

Published On Oct 29, 2024, 4:57 PM

Chipotle's latest Q3 report shows revenues of $2.78 billion, a 13% increase year-over-year but below the $2.82 billion expected by Wall Street. Adjusted earnings were $0.27 per share, above the $0.25 estimate, but same-store sales growth of 6% also missed forecasts of 6.38%. This disappointing performance led to a 5% decline in shares after hours. The company continues to invest in operations and plans to open 285 to 315 new locations this year, aiming for 7,000 total restaurants in North America long-term. Inflation and increased ingredient costs remain concerns for margins.