Chipotle sales fall more than expected
Joe Raedle/Getty
The company said it earned $1.04 billion in revenue, according to Bloomberg. Diluted earnings per share fell to $0.27 from $4.59, including a 29-cent charge related to the ShopHouse impairment charge and 23 cents due to the referral of revenue from Chiptopia, its new rewards program.
Analysts had forecast EPS of $1.56, although this may not be comparable to the actual number, and revenue totaling $1.09 billion, according to Bloomberg.
Comparable-store sales, at locations open for at least one year, fell 22%, more than analysts' forecast for a 19% decline.
The disease outbreaks drove customers away from Chipotle and in the first quarter led to the company's first sales decline since it went public.
Chipotle launched aggressive marketing campaigns and promotions to lure customers back.
Its shares closed down 2% at the end of regular trading on Tuesday. They have dropped 15% this year.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Groww receives SEBI approval to launch Nifty non-cyclical consumer index fund
- Retired director of MNC loses ₹25 crore to cyber fraudsters who posed as cops, CBI officers
- Hyundai plans to scale up production capacity, introduce more EVs in India
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- Narcissistic top management leads to poor employee retention, shows research