Chipotle stock drops 8% after Q2 earnings as company says inflation hit popular menu items

Chipotle Mexican Grill Inc. shares fell 8% in the after-hours session Wednesday after the fast-casual restaurant chain beat Wall Street expectations for quarterly earnings but called for a slightly weaker quarter and said that inflation hit some of its most popular menu items.

Those... Chipotle Mexican Grill Inc. shares fell 8% in the after-hours session Wednesday after the fast-casual restaurant chain beat Wall Street expectations for quarterly earnings but called for a slightly weaker quarter and said that inflation hit some of its most popular menu items. Those were offset in part by “by inflation across several food costs, primarily beef, tortillas, dairy, salsa, beans and rice,” the company said.

Analysts polled by FactSet had expected Chipotle to report adjusted earnings of $12.31 a share on sales of $2.53 billion. Same-store sales were seen up 7.5%.

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