On Thursday, Chipotle Mexican Grill, Inc. (NYSE:CMG) reported after the bell that it missed its revenue numbers. The market reacted with swift eight percent drop.
Revenue came in at $690 million, missing the $707 million forecast by analysts, while earnings per share was a brighter spot at $2.56, higher than $2.30 estimates.
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The dive continued on Friday morning as Chipotle fell 23 percent to $309.50 at 9:56 a.m. ET, reported Bloomberg. This is quite a fall from grace as the company had been the best-performing restaurant stock in the Standard & Poor’s 500 Index in 2011. The drop represents its greatest one since its IPO in 2006.
In an analyst call, Chief Financial Officer Jack Hartung said sales had been affected by slower U.S. consumer spending through the year. He added that this year’s h