While every eye is transfixed on the Apple (APPL) beat, lowball, and then beat again game (wondering if Apple will miss a quarter in my lifetime), quite a few other interesting names reported. In the restaurant biz, we have the top momo name of the past few years - Chipotle Mexican Grill (CMG). The numbers look decent (as usual) - revenue beat, EPS missed - but the stock is off only 4%ish in after hours. Frankly I am surprised this 'miss' did not punish the stock more. ''
The current price won't hurt the technical set up of the chart much at all, since the stock has run so much and is above all key levels. Just a glancing blow.
- Chipotle posted $1.59 in EPS, 9 cents worse than expectations. Revenue came in at $572 million (+22%) against expectations for $558 million.
- Comparable store sales rose 10%, but operating margin fell 110 basis points to 25.8%. “The decrease was primarily driven by food cost inflation partially offset by leverage from comparable restaurant sales growth.”
- The company raised its comparable store sales forecast for the year to high-single-digit to low-double-digit growth from its prior forecast of mid-single-digit growth.