Chipotle Says That Consumer Confidence Took a Hit in Q2. The Stock is Sliding.
Shares of Chipotle Mexican Grill Inc. sank about 10% in extended trading Wednesday, after the company's same-restaurant sales declined in the second quarter by more than Wall Street was expecting.
The fast-casual Mexican restaurant chain also lowered its full-year outlook.
Chipotle's CMG same-restaurant sales declined 4%, surpassing the FactSet consensus analyst estimate of a 2.9% decline.
For the quarter ended June 30, revenue rose 3% to $3.1 billion, in line with the FactSet consensus estimate of $3.11 billion.
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