Chipotle Mexican Grill beat earnings estimates, but disappointed Wall Street with one key growth metric.
Comparable restaurant sales increased 4.3 percent, falling short of estimates. Menu price increases made up the bulk of this at 4 percent while traffic dragged this number down 0.3 percent. Price mix made up the remainder of the growth.
The fast casual chain was forecast to report same store sales growth of 5.8 percent, according to Consensus Metrix.
So far in July, both sales and transactions at Chipotle are positive in the low single digits, according to the company's conference call.
The chain reported quarterly earnings of $4.45 per share, up from $3.50 in the year-earlier period.
Revenue rose to $1.2 billion from $1.05 billion in the comparable period.
Wall Street expected fast casual chain Chipotle Mexican Grill to deliver quarterly earnings of $4.44 a share on $1.22 billion in revenue, according to a consensus estimate from Thomson Reuters.
Chipotle stock sank after the report but later turned positive after the bell. (Click here to track its shares.)
Earlier this year, Chipotle suspended a pork supplier that did not meet its animal welfare standards, leaving it without an adequate amount of the meat to serve its carnitas product in every store. The resulting carnitas outage is currently affecting roughly 40 percent of its locations.
For 2015, Chipotle expects low- to mid-single digit comparable restaurant sales increases.
During the quarter, Chipotle achieved its goal of moving to only non-GMO ingredients in its US restaurants – including its Asian restaurant concept, ShopHouse Southeast Asian Kitchen.