Chipotle Mexican Grill missed Wall Street estimates for quarterly sales on Wednesday, signaling that demand for its rice bowls and burritos was losing steam in the face of higher menu prices and waning household budgets.
The logo of Chipotle is seen on one of their restaurants in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kellymissed Wall Street estimates for quarterly sales on Wednesday, signaling that demand for its rice bowls and burritos was losing steam in the face of higher menu prices and waning household budgets.
Like other restaurants, Chipotle has hiked menu prices to offset the impact of higher input costs of everything from beef to potatoes, deterring some lower-income customers from ordering its pricier meals at a time when inflation has pressured household budgets. The sales miss came even as Chipotle opened 47 new restaurants during the quarter and improved staffing levels at its chains.
"The stock is down because of the outlook, and maybe the implications that consensus estimates on same-store sales may need to come down," BTIG analyst Peter Saleh said, adding that the sharp fall "seems a little bit dramatic".
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