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

2023-07-26 - Scroll down for original article

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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. Food, beverage and packaging costs were lower in the second quarter than a year ago, benefiting from price increases taken in 2022 and lower avocado prices, Chipotle said.