Chipotle stock drops after Q3 sales miss Wall Street estimates

Published On Oct 29, 2024, 5:59 PM

Chipotle's stock fell 5% following Q3 earnings that missed sales forecasts. It reported $2.78 billion in revenue, lower than the expected $2.82 billion. Although adjusted earnings per share were slightly better than expected, same-store sales growth of 6% also fell short of the anticipated 6.38%. The company is investing in operational improvements and plans to expand its locations significantly, aiming for 7000 restaurants in North America long-term, and is currently testing new technologies to enhance efficiency. Despite these challenges, Chipotle's value proposition remains strong due to competitive pricing.