Chipotle First-quarter Sales Miss Estimates After Same-store Sales Sink

Chipotle Mexican Grill Inc. shares fell 3% in after-hours Tuesday trading after it reported same-store sales that fell below estimates. The Mexican fast-casual chain said it had net loss of $26.4 million, or 88 cents per share in the first quarter, down from net income of $122.6 million, or $3.88 per share last year. The FactSet consensus was a loss of 98 cents per share. Sales totaled $834.5 million, down from $1.1 billion last year and below the FactSet consensus of $868 million. The company said the sales miss was driven by a 29.7% decrease in same-store sales, partially offset by new restaurant openings. Same-store sales declined largely as a result of a decrease in both transactions and, to a lesser degree, a decline in average check size. Chipotle has struggled to recover after illness outbreaks in late 2015. Chipotle shares are down 30.1% for the past year, while the S&P 500 is down 1.2% for the same period.

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