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Chipotle shares fall as growth continues to cool
October 20, 2015 / 9:19 PM / 2 years ago

Chipotle shares fall as growth continues to cool

Oct 20 (Reuters) - Chipotle Mexican Grill Inc’s sales growth at established restaurants further cooled in the third quarter, sending the company’s shares down 6.4 percent in extended trading on Tuesday.

Sales at restaurants open at least 13 months were up 2.6 percent at Chipotle, just better than analysts expected.

That was a deceleration from the 4.3 percent growth in the second quarter and the double-digit percentage growth in the five quarters before that.

The Denver-based company, known for using antibiotic-free meat and removing genetically modified organisms from its food, last month said it expected to fully restore the pork supplies it lost early this year after suspending a supplier for not complying with its animal welfare standards by the end of November.

That supply hiccup affected some 600 restaurants, or roughly one-third of the company’s outlets.

Chipotle on Tuesday stood by its 2015 forecast for low-to-mid single-digit same-store sales increases, despite the resumption of its pork supplies.

Shares fell $45.27 to $660.36 in extended trading. (Reporting by Lisa Baertlein in Los Angeles; Editing by Leslie Adler)

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