The Chipotle logo is seen in New York on July 16, 2024.
Jakub Porzycki | Nurphoto | Getty images
Mexican grill chipotle On Wednesday, reported that the quarterly revenues lower than expected after its sales with comparable stores have decreased for the first time since 2020.
The leaders cited both a slowdown in consumption expenses and unfavorable weather conditions such as two of the factors that have attenuated the demand for burritos and bowls.
The company has also lowered the upper end of its prospects for the growth of sales of comparable to the year.
Chipotle shares have dropped by more than 5% of prolonged exchanges. The stock closed up 3.5% earlier on Wednesday.
Here is what the company declared in relation to what Wall Street was expecting, on the basis of a survey of LSEG analysts:
- Profit per share: 29 cents adjusted vs 28 cents expected
- Income: $ 2.88 billion against $ 2.95 billion expected
Net sales increased by 6.4% to $ 2.88 billion.
Sales with comparable stores in the chain dropped 0.4% during the quarter, unless the growth of 1.7% expected by Streetaccount estimates. Catering transactions fell 2.3% and were only partially offset by an increase of 1.9% of the average check.
The company does not expect traffic to its restaurants to increase to the second half.
“I am convinced that we have a solid plan to return to the compositions of positive transactions by the second half of the year, and in these uncertain times, we will continue to invest in things that make a special brand – our people, value proposal, innovation and growth,” said CEO Scott Boatwright.
For the full year, Chipotle now plans that comparable store sales will increase low figures. Previously, he predicted sales growth in comparable stores in the bass and figure beach.
The company reiterated its plans to open between 315 and 345 new restaurants by the end of 2025.
Chipotle declared net profit in the first quarter of $ 386.6 million, or 28 cents per share, against 359.3 million dollars, or 26 cents per share, a year earlier.
Excluding remuneration subsidies in actions related to its recent transition from the CEO, the company has won 29 cents per share.
