Shares of Chipotle Mexican Grill fell as much as 19% on Thursday after the company cut its full-year same-store sales forecast for the third straight quarter. The stock has dropped 45% this year, lowering its market value to around $43 billion.
In Q3, same-store sales rose just 0.3%, while traffic declined, especially among diners aged 25–35. CEO Scott Boatwright said that current menu and marketing efforts haven’t fully offset the slowdown. The company now expects sales at restaurants open at least a year to fall by a low-single digit percentage for the full year.
Analysts attribute the slowdown to industry-wide challenges, including inflation, slower wage growth, and rising student loan repayments, rather than company-specific issues. Competitors in the fast-casual sector, like Sweetgreen and Cava, also saw their shares drop on Thursday.