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Chipotle Mexican Grill Inc on Tuesday said it expects sales at established restaurants to grow in the "high single digit" percentages next year, which would end a long string of declines following food safety lapses last year. Continue Reading Below...

Chipotle quarterly restaurant sales down more than expected

Chipotle Mexican Grill Inc on Tuesday said it expects sales at established restaurants to grow in the "high single digit" percentages next year, which would end a long string of declines following food safety lapses last year. Continue Reading Below...

Chipotle quarterly restaurant sales down more than expected

Chipotle Mexican Grill Inc on Tuesday said it expects sales at established restaurants to grow in the "high single digit" percentages next year, which would end a long string of declines following food safety lapses last year.

Continue Reading Below

Shares in Chipotle were down 1.4 percent at $400 in after-hours trading after the burrito chain said third-quarter sales at restaurants open at least 13 months dropped 21.9 percent. Analysts, on average, had expected a decline of 18.7 percent, according to tracking firm Consensus Metrix.

Traffic declined 15.2 percent for the quarter.

Net profit fell to $7.8 million, or 27 cents per share, during the quarter due to the sales slowdown and a variety of charges, from $144.9 million, or $4.59 cents per share, a year earlier.

Chipotle also said it planned to build 195 to 201 new restaurants next year, down from 220 to 235 in 2016.

(Reporting by Lisa Baertlein in Los Angeles; Editing by Chris Reese)

Our editors found this article on this site using Google and regenerated it for our readers.

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