Chipotle Mexican Grill Inc. shares plummeted after the fast-casual chain cut its outlook for a third time this year as diners pulled back from eating out, a fresh warning sign for consumer spending.
The burrito chain now sees sales for the full year slipping in the low-single digit range from a year earlier. It earlier projected that performance would be flat. In the third quarter, comparable-store sales rose slightly, but fell short of Wall Street’s expectations.
“The consumer slowdown is really affecting our business in a meaningful way,” Chief Executive Officer Scott Boatwright said in a call with analysts. Michael Halen reports. (Source: Bloomberg)
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Chipotle Falls Most Since 2012 After Warning Over Diner Pullback
