Chipotle falls as same-store sales decline for the first time since 2020

Chipotle shares slipped 3.6% in after-hours trading, as it reported revenue that fell short of Wall Street estimates and said its same-store sales declined for the first time since 2020.

The company reported earnings per share of $0.29, slightly higher than the $0.28 analysts polled by FactSet were expecting. But it also reported $2.8 billion in sales, falling short of the $2.9 billion the Street expected.

Perhaps most concerning to investors, Chipotle’s same-store sales fell 0.4%, compared to the 1.4% increase the Street was penciling in. That marks the first time the key metric has been in the red since the second quarter of 2020, when the COVID-19 pandemic was raging.

In the earnings release, Chipotle CEO Scott Boatwright attributed the weak quarter to “weather and a slowdown in consumer spending.”

As of market close, Chipotle stock is down about 20% since the start of the year, as tariffs have threatened to increase the cost of its imported ingredients, like avocados, and lead consumers to tighten their purse strings.

The Mexican-inspired chain also announced recently that it would launch in Mexico in 2026. It’s a bold move, and one that didn’t work out for Taco Bell or Domino’s.