Shares of Chipotle Mexican Grill Inc. fell in late trading Tuesday after the fast-casual Mexican chain missed expectations for holiday earnings amid “tightening” consumer spending and more expensive burritos. The results mark only the second time in five years that Chipotle
CMG,
+1.33%
reported earnings per share that came up short of Wall Street’s expectations. The last time that happened was the same quarter in 2020.
The chain reported fourth-quarter net income of $223.7 million, or $8.02 a share, compared with $133.5 million, or $4.69 a share, in the same quarter in the prior year. Revenue rose 11% to $2.18 billion, compared with $1.96 billion in the prior-year quarter. Same-store sales gained 5.6%. Excluding the impact from certain legal proceedings and restructuring, Chipotle earned $8.29 a share, compared with $5.58 a share in the prior-year quarter. Analysts polled by FactSet expected adjusted earnings per share of $8.91, on revenue of $2.23 billion. They expected same-store sales growth of 6.9%. “With consumer discretionary spending tightening, we are focused on running great restaurants and delivering excellent customer and employee experiences,” Chief Executive Brian Niccol said in a statement. Chipotle said it expected first-quarter same-store sales to increase “in the high-single-digits.” That outlook was based on a “low-double-digits” percentage gain in same-store sales notched in January. FactSet forecast 6.7% growth for the first quarter. Shares slid more than 4% in after-hours trading on T …