Chipotle Mexican Grill Inc missed quarterly comparable sales and profit expectations on Tuesday, as customers pulled back on expensive delivery orders and traffic stalled in December.
Visits to Chipotle restaurants fell 10.2% in the fourth quarter, according to data from Placer.ai. McDonald's visits rose 29.4% in the same period.
"We continue to see the higher-income consumer, the individual that earns over $100,000, coming more often," Niccol said. "We made the decision not to go chasing people with discounts. That's not what our brand is."Niccol said the chain's Garlic Guajillo Steak provided a "lower-than-expected benefit" during the fourth quarter after it expanded across the United States and Canada.
Chipotle forecast comparable sales growth in the high-single digits for the current quarter and said it expects to open 255 to 285 new restaurants in 2023.
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