Chipotle Mexican Grill (CMG) is expected to report its second-quarter earnings after the bell on Wednesday:
- Chipotle Mexican Grill stock has fallen more than 7% this year, dragging its market value down to roughly $44 billion:
- The burrito chain had previously seen traffic dip as value-conscious diners started to cut back on their visits:
- But Wall Street is projecting that the company's struggles were short lived:
Here's what Wall Street analysts surveyed by LSEG are expecting the company to report:
- Earnings per share: 32 cents expected
- Revenue: $3.33 billion expected
Last quarter, the burrito chain reported a 0.5% increase in same-store sales, surprising Wall Street, which had anticipated a second straight quarter of declines:
But analysts think that the chain's struggles were short lived. Wall Street is projecting same-store sales growth of 1.4% this quarter, despite spiking gas prices and other pressures on consumers' budgets:
For the full year, the company is forecasting flat same-store sales:
Chief Financial Officer Adam Rymer previously said the outlook is "conservative," citing unpredictable consumer trends:
