Important points
Chipotle said full-year same-store sales could fall below analysts’ expectations of 7.5%. The fast-casual chain expects same-store sales to increase in the mid-to-high single digits. Stock prices fell in after-hours trading. trading.
Shares of Chipotle Mexican Grill (CMG) fell in late trading after the company said same-store sales growth may be lower than expected.
Chipotle said late Tuesday that it expects 2024 same-store sales to increase in the mid-to-high single digit range. Analysts had expected same-store sales to rise 7.5%, according to estimates compiled by Visible Alpha. The fast-casual chain reported third-quarter comparable restaurant sales rose 6% and revenue rose 13% to $2.8 billion.
Chipotle stock, which closed Tuesday at $60.49, was down more than 4% in late trading.
Chipotle did not say whether it would formally appoint interim CEO Scott Boatright to the top post. Boatwright has been in the role since former CEO Brian Nicol stepped down to lead Starbucks (SBUX) in late August. (Starbucks is scheduled to report its own results tomorrow afternoon.) Chipotle also plans to lose longtime CFO Jack Hartung in 2025.
Chipotle met analysts’ third-quarter revenue estimates, with net income of $387.4 million, beating the consensus estimate of $346 compiled by Visible Alpha.
The stock is up about 30% so far this year.
