Hurricanes Irma and Harvey took a giant bite out of Chipotle's revenue this year as the hurricanes drove up avocado prices. Costs associated with an April malware attack also ate into the company's profit.
Though Chipotle found some cost savings in preparing lettuce and peppers in its restaurants, some of those cost reductions were offset by higher avocado and beef prices.
Adding to the disappointment, Chipotle (CMG) said it would open 15 fewer stores than the company planned this quarter. To lure in new customers, Chipotle said it is considering changing the design of its restaurants.
Investors weren't having it. Shares dipped by more than 9% after the bell on Tuesday.
Not all news was bad however, as Chipotle's sales rose by 17% and profit more than doubled in the third quarter.
Source: money.cnn.com
