Chipotle Mexican Grill comments on Q3 trends; impact of the weakened economy has been greater than anticipated (CMG) 71.15 : Co announces a preliminary view of third quarter. Based on third quarter results to date, the impact of the weakened economy has been greater than anticipated resulting in further sales deceleration leading to comparable restaurant sales in the low single digits for the third quarter of 2008. The combination of a weak economy as well as food costs rising faster than expected during the quarter will result in the diluted EPS for the Q3 of 2008 being slightly below third quarter 2007 (Note consensus for Q3 2008 EPS is $0.72 and Q3 2007 EPS was $0.62). The co is working on national pricing plans for the fourth quarter of 2008 to offset rapidly rising food costs. Co sees FY08 comparable restaurant sales increase in the mid to low single digits; 130-140 new restaurant openings; non-cash stock compensation expense of ~$12.5-13.0 mln.
Market Data 
Markets 
AI
