Chipotle's same-store sales rose 6% in the third quarter, just missing Wall Street's expectations.
Chipotle Mexican Grill on Tuesday reported mixed quarterly results, as earnings beat expectations, but revenue fell short.For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage.A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024.on Tuesday reported mixed quarterly results, despite another quarter of higher traffic to its restaurants.
The company's food and beverage costs increased during the quarter, in part due to Chipotle's decision to re-emphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer.Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain's streak of bucking an overall slump in foot traffic across the industry.
For the full year, Chipotle reiterated its outlook that same-store sales will grow by a mid- to high-single-digit percentage. The company also anticipates that it will open between 285 and 315 new restaurants this year.
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