Chipotle Mexican Grill(US:CMG) Zhi Tong Cai Jing·2025-10-30 02:44Core Insights - Chipotle has lowered its full-year sales forecast for the third consecutive quarter, facing challenges from declining customer traffic and economic pressures on its core demographic [1][2] - The company's Q3 revenue was $3 billion, falling short of the $3.02 billion market expectation, with adjusted earnings per share at $0.29, in line with Wall Street forecasts [1] - Same-store sales growth was 0.3%, below the anticipated 1%, with menu price increases and higher average transaction values partially offsetting the decline in customer traffic [1] Financial Performance - Chipotle's digital sales accounted for 36.7% of total revenue in Q3 [1] - The company now expects same-store sales to decline in the low single digits for the year, a more pessimistic outlook than Wall Street's previous estimate of a 0.7% decline [1] Consumer Demographics - CEO Scott Boatwright highlighted that the brand's customer base, particularly younger consumers aged 25-35, is facing significant economic challenges, including rising unemployment and stagnant wage growth [2] - The unemployment rate for the 20-24 age group reached 9.2% in August, up from 7.9% year-over-year [2] - Lower-income consumers, particularly those earning $100,000 or less, account for approximately 40% of Chipotle's total sales [2] Strategic Initiatives - Chipotle anticipates that the first quarter will be particularly challenging for lower-income consumers [3] - The company is focusing on enhancing store operational efficiency, increasing marketing spending, and developing more digital consumption scenarios [3] - There is confidence in achieving sustained positive transaction growth as these initiatives are implemented [4]