Chipotle misses big on earnings, shares plunge 6%

Chipotle on Tuesday reported third-quarter earnings that missed the lowest forecast from Wall Street analysts.

The fast-casual chain reported adjusted earnings per share of $US0.69, missing analysts’ consensus forecast for $US1.63 according to Bloomberg.

Sales at stores open for at least one year rose 1% (1.2% forecast.)

Ahead of the earnings release, analysts were focused on the mixed reviews that Chipotle’s newly introduced queso got.

RBC’s David Palmer cut his price target on the stock to $US330 from $US400 on Friday on the expectation that queso and other marketing efforts would disappoint.

Analysts were also looking out for the impact of a new norovirus outbreak in July on same-store sales, and any slowdown caused by Hurricanes Harvey and Irma.

Chipotle shares fell by as much as 6% in extended trading.

More to come, refresh this page for updates.

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