Chipotle misses on same-store sales, stock down 6%

Chipotle posted second quarter earnings results after the close on Tuesday, beating slightly on revenues but missing estimates on same-store sales.

The stock fell more than 6% in after-hours trading.

The restaurant chain reported adjusted earnings per share of $US4.45, slightly above the consensus estimate for $US4.43 according to Bloomberg. Revenues came in at $US1.2 billion, up 14.1% versus the forecast for $US1.22 billion.

Sales at stores open for more than one year rose 4.3% in the quarter, lower than the estimate for 5.8%.

In the statement, CEO Steve Ells said: “We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014. The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter — whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale.”

The stock closed lower but little changed at around $US676.74 per share and in after-hours trading..

Shares are up 14% over the past 12 months.

More to come …

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