Chipotle sales rise but fall short of Wall Street's expectations

Chipotle reported quarterly earnings that crushed expectations, but the burrito chain’s sales fell short. More here:

Jeenah Moon | Bloomberg | Getty Images

Chipotle reported second-quarter net income of $341.8 million, or $12.32 per share, up from $259.9 million, or $9.25 per share, a year earlier. Restaurant-level operating margins expanded to 27.5% from 25.2% in the year-ago period. Avocado prices were lower this quarter, but higher prices for tortillas, dairy, beef and other ingredients put some pressure on the company's profits. Last quarter, Chipotle said it was done raising menu prices after hiking them earlier to mitigate rising labor and commodity costs.

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