Overview

• Same-store sales fell 4% in Q2, marking the second consecutive quarterly decline and missing analysts’ 2.9% drop forecast.
• Adjusted earnings per share of $0.33 matched expectations while revenue of $3.06 billion trailed the $3.11 billion consensus.
• The company lowered its full-year comparable sales outlook to flat from low-single-digit growth after evaluating recent demand trends.
• Shares tumbled more than 10% in after-hours trading following the disappointing sales results and guidance cut.
• Chipotle opened 61 new restaurants in the quarter, with digital sales now comprising 35.5% of revenue as it leans on expansion and targeted marketing to regain momentum.