Chipotle trims same‑store sales outlook as Q3 2025 profit dips

Core Insights - Chipotle Mexican Grill reported a slight decline in Q3 profit and lowered its same-store sales guidance due to softer traffic and cost pressures [1][5] - Net income for Q3 2025 was $382.1 million, down from $387.4 million a year earlier, while net sales increased by 7.5% year-on-year to $3 billion [1][2] Financial Performance - Comparable sales rose by 0.3%, driven by a 1.1% increase in average check, but offset by a 0.8% decline in transactions [2] - Digital orders represented 36.7% of total food and beverage revenue [2] - Food, beverage, and packaging expenses accounted for 30% of revenue, down from 30.6% a year earlier, attributed to menu price increases and efficiencies [3] Operational Highlights - Chipotle opened 84 company-operated restaurants and two international partner-operated sites in Q3 [2] - The company plans to open between 315 and 345 company-owned restaurants for the full year 2025 and targets 350 to 370 openings in 2026 [3] Cost Structure - Labour costs increased to 25.2% of revenue from 24.9%, primarily due to lower sales volumes and wage inflation [4] - General and administrative expenses rose to $146.7 million from $126.6 million a year earlier, mainly due to higher stock-based compensation [4] Shareholder Actions - During the quarter, Chipotle repurchased $686.5 million of its stock at an average price of $42.39 per share [5] - The company now expects full-year same-store sales to decline by a low-single digit percentage, a significant revision from earlier guidance projecting growth [5]