Chipotle Mexican Grill shares tumbled after the restaurant chain reported quarterly earnings that missed analysts’ expectations.
Here’s how the company did compared to what Wall Street expected:
- EPS: $1.33 vs. $1.63, according to Thomson Reuters
- Revenue: $1.13 billion vs. $1.14 billion, according to Thomson Reuters
- Same-store sales grew 1 percent vs. expected growth of 1.2 percent, according to StreetAccount
“Despite several unusual impacts during the quarter, including the impact of hurricanes, we maintained our focus and saw some encouraging signs,” said Steve Ells, founder, Chairman and CEO of Chipotle, in a press release. “Our leadership remains focused on setting the foundation for future growth, and we are confident in our teams’ ability to deliver against those plans.”
Hurricanes Harvey and Irma and costs from a previously disclosed data breach in the spring weighed on the quarter’s earnings, Chipotle said, in the release.
Chipotle refined its estimate for the year. It is now calling for comparable sales growth of 6.5 percent. Previously, it expected growth in the high single digits.
Chipotle trimmed back its plans for new restaurant openings to the low end of its previously forecasted range of 195 to 210.