Chipotle Falls on Lower Than Expected Sales
Chipotle Mexican Grill, Inc.(NYSE: CMG) is trading lower on the session after its Q2 earnings announcement. The company reported an EPS of $2.56 vs $2.30 estimates and revenues of $690.9 million vs $707.09 million estimates. Chipotle also announced that its Q2 comparable restaurant sales were up 8%, which is less than many investors were expecting.
Steve Ells, Founder, Chairman and Co-CEO of Chipotle said, "We are pleased that our continued focus on improving the quality and taste of our food, along with strengthening our people culture, has lead to a better dining experience for our customers, and ultimately better financial results for our shareholders."
Chipotle is currently trading at $310.00, a loss of $93.86 or 23.24%.
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