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Investing.com – Chipotle Mexican Grill reported third-quarter revenue that missed expectations Wednesday and cut its annual same-store sales forecast as consumer spending was held back by macroeconomic pressured at time when rising costs are weighing on margins.
Chipotle Mexican Grill Inc (NYSE:CMG) shares slumped nearly 10% in afterhours trading Wednesday following the report.
The company reported earnings per share of $0.29, in line with expectations, on revenue of $3 billion, compared with estimates of $3.03 billion.
Same-store sales increased 0.3% as a 1.1% rise in average check offset a 0.8% drop in traffic.
Operating margin fell to 15.9% from 16.9% as higher beef and chicken costs weighed.
Looking ahead, Chipotle said it now expects full-year same-store sales in fiscal 2025 to fall in the low-single digit percentage range, down from its prior forecast for about flat full year comparable restaurant sales.