Chipotle Mexican Grill Inc. shares rose 2.8% in Tuesday premarket trading after the fast-casual chain announced same-store sales that progressively improved over the fourth quarter, and a new share repurchase program. Chipotle expects a fourth-quarter same-store sales decline of 4.8%. The company said same-store sales decreased 20.2% in Oct. 2016, decreased 1.4% in Nov. 2016, and increased 14.7% in Dec. 2016. The company expects fourth-quarter sales of $1.035 billion, up from $997.5 million last year, but below the FactSet consensus of $1.049 billion. And Chipotle said earnings per share are expected to be in the range of 50 cents to 58 cents. The FactSet EPS consensus is 96 cents. Chipotle's board has also authorized a new $100 million share repurchase program, in addition to the previously announced $2.1 billion authorization. As of Jan. 10, 2017, there is $200 million left of the previous program. Chipotle shares are down 4.4% for the last 12 months while the S&P 500 index is up 18.1% for the same period.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.