Chipotle shares slide as sales fall short of Wall Street's expectations

Chipotle Mexican Grill connected Wednesday reported quarterly net that crushed expectations, but the burrito chain's income fell short.

The banal fell much than 8% successful extended trading. Shares were up 50% this twelvemonth done Wednesday's close.

Here's what the institution reported compared with what Wall Street was expecting, based connected a survey of analysts by Refinitiv:

Chipotle reported second-quarter nett income of $341.8 million, oregon $12.32 per share, up from $259.9 million, oregon $9.25 per share, a twelvemonth earlier. 

Excluding restructuring costs, closure expenses and different items, the burrito concatenation earned $12.65 per share.

Restaurant-level operating margins expanded to 27.5% from 25.2% successful the year-ago period. Avocado prices were little this quarter, but higher prices for tortillas, dairy, beef and different ingredients enactment immoderate unit connected the company's profits. Last quarter, Chipotle said it was done raising paper prices aft hiking them earlier to mitigate rising labour and commodity costs.

Chipotle's nett income roseate 13.6% to $2.51 cardinal successful the 2nd quarter. The company's same-store income grew 7.4%, falling shy of StreetAccount estimates of 7.5%.

Digital income accounted for 38% of the company's nutrient and beverage gross this quarter. 

Chipotle opened 47 caller locations, 40 of which included drive-thru lanes to prime up integer orders.

The institution reiterated its full-year forecast of same-store income maturation successful the mid- to high-single digit range. However, for the 3rd quarter, Chipotle anticipates same-store income maturation successful the low- to mid-single digit range. Wall Street is anticipating same-store income adjacent 4th of 5.9%, according to StreetAccount.

Read the earnings release.