Chipotle Mexican Grill Reports Earnings Short of Expectations

Investing.com — Chipotle Mexican Grill (NYSE:CMG) experienced a decline in afterhours trading on Tuesday after releasing its financial results, which did not meet Wall Street estimates.

The stock fell 6% in afterhours trading following the report.

The company reported adjusted earnings per share of $0.27, surpassing analyst estimates of $0.25. However, its revenue of $2.79 billion fell short of the expected $2.82 billion.

Furthermore, comparable restaurant sales saw an increase of 6%, but this was below expectations of 6.3%.

Looking ahead to 2024, Chipotle reiterated its forecast for comparable restaurant sales growth in the mid- to high-single digits.

Additionally, the restaurant chain plans to open between 315 and 345 new locations in 2025.