Chipotle just announced some sales numbers and a projection for first quarter earnings.
The restaurant chain said it sees a loss of $1 per share or worse. Analysts had estimated adjusted earnings per share of 3 cents, according to Bloomberg.
Sales at stores open for at least one year — or same-store sales — fell 26.1% in February, up from a 36.4% decline in the prior month.
The filing Tuesday said (emphasis ours):
During the first quarter 2016, we anticipate our restaurant-level operating margin to be in the mid-single digit range. And we also expect EPS will be a loss of ($1.00) per share or worse. During the quarter we will incur higher expenses driven by increased marketing and promotions spend in other operating costs, which are anticipated to be significantly higher in the first half of 2016 compared to historic reporting periods.
The company also announced it hired James Marsden, an executive director of food safety.
Shares fell 5% in after-hours trading.
More to come …
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