Chipotle’s second-quarter earnings results are in and the company’s missed sales numbers are causing share prices to suffer.
The stock fell more than 6% in after-hours trading after the fast-casual chain adjusted for earnings per share of $4.45, above the consensus estimate for $4.43.
Revenues came in at $1.2 billion, up 14.1%, versus the forecast for $1.22 billion. Same-store sales rose 4.3% in Q2, down from analysts estimates of 5.8%.
During the company’s earnings statement, CEO Steve Ells said: “We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014.”
“The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter – whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity or reinventing the way tortillas are made at scale.”
During the quarter, 48 new Chipotle stores were opened and the company still plans to launch 190-205 new locations before end-of-year.
Chipotle stock closed down 1% at $672.74 per share on Tuesday.