Chipotle's Stock Dips After Profit Misses Expectations

Shares of Chipotle fell Tuesday after the Mexican food chain reported a third-quarter profit that fell short of Wall Street expectations.

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NEW YORK (AP) — Shares of Chipotle fell Tuesday in extended trading after the Mexican food chain reported a third-quarter profit that fell short of Wall Street expectations.

The Denver-based chain said sales rose 2.6 percent at established locations, after the figure rose 19.8 percent in the year-ago period and 4.3 percent in the previous quarter. Earlier this year, Chipotle stopped serving its carnitas at hundreds of restaurants after it said a pork supplier violated its animal welfare standards.

The company said pork is now back at 90 percent of its restaurants, with a return expected to be complete by the final three months of the year.

For the full year, Chipotle said Tuesday it still expects sales at established locations to rise in the low-to-mid single percentages. It increased its forecast for new store openings this year to a range of 215 to 225, up from the previous guidance of 190 to 205.

Chipotle Mexican Grill Inc. has grown in popularity in part because people like that they build their own bowls and burritos as they walk down a line. The company has also made a point of distinguishing itself from traditional fast-food chains by touting the quality of its ingredients.

For the quarter ended Sept. 30, Chipotle earned $144.9 million, or $4.59 per share. That was up from $4.15 per share a year ago, but short of the $4.62 per share analysts expected, according to FactSet.

Total revenue rose 12 percent to $1.22 billion, in line with Wall Street expectations.

Its shares were down 3 percent at $683.95 after-hours.

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