Chipotle Mexican Grill Inc. CMG,
Shares declined in the extended session on Wednesday, even after the quarterly results for the Mexican food chain beat Wall Street estimates. Chipotle shares declined 1.3% after hours, after a 1.9% increase in the regular session to close at $ 1,185.27. The company reported second-quarter net income of $ 8.2 million, or 29 cents per share, compared to $ 91 million, or $ 3.22 per share, in the same period last year. Adjusted earnings were 40 cents a share, compared to $ 3.99 a share in the same period last year. Revenue decreased to $ 1.36 billion from $ 1.43 billion in the prior year quarter. Analysts surveyed by FactSet had forecast earnings of 35 cents a share on revenue of $ 1.33 billion. Same-store sales for the quarter decreased 9.8%, while Wall Street expected a decrease of 11.5%. Chipotle said it was not providing an outlook for the year due to the economic uncertainties of the COVID-19 pandemic. Chipotle shares rose nearly 42% on the year, while the S&P 500 SPX index,
less than 2%.
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