Reported about 19 hours ago
Chipotle has reduced its full-year sales forecast for the third consecutive quarter, citing declining customer traffic and economic pressures affecting its core demographic. The company now anticipates a low single-digit decrease in same-store sales, falling short of Wall Street's expectations. Following this announcement, Chipotle's stock dropped over 13% in after-hours trading, contributing to a total loss of more than 35% this year. CEO Scott Boatwright highlighted that younger consumers, particularly those aged 25-35, are facing significant economic challenges, which has led to decreased spending within the brand. Chipotle plans to enhance restaurant execution and marketing strategies to boost sales and customer engagement moving forward.
Source: YAHOO