Chipotle Sales Dip, Stock Falls After Weak Quarter
Tap title to read story
Chipotle Mexican Grill reported weaker-than-expected second-quarter revenue, marking its first same-store sales decline since 2020. The decrease, to $2.88 billion versus the expected $2.95 billion, is attributed to reduced consumer spending and adverse weather. Same-store sales fell 0.4%, short of projections. Chipotle lowered its full-year same-store sales growth outlook and its stock dropped over 5% in after-hours trading. CEO Scott Boatwright expressed confidence in a return to positive transaction growth by the second half of the year.
Chipotle Mexican Grill reported weaker-than-expected second-quarter revenue, marking its first same-store sales decline since 2020. The decrease, to $2.88 billion versus the expected $2.95 billion, is attributed to reduced consumer spending and adverse weather. Same-store sales fell 0.4%, short of projections. Chipotle lowered its full-year same-store sales growth outlook and its stock dropped over 5% in after-hours trading. CEO Scott Boatwright expressed confidence in a return to positive transaction growth by the second half of the year.
More context
Sources
JQJO Editorial Desk · Human reviewed · AI assisted. Report a correction.
