Arab Today, arab today chipotle shares fall as e coli outbreak hits sales
Last Updated : GMT 21:20:40
Arab Today, arab today
Arab Today, arab today

Chipotle shares fall as E. coli outbreak hits sales

Arab Today, arab today

Arab Today, arab today Chipotle shares fall as E. coli outbreak hits sales

Chipotle projected fourth-quarter earnings of $2.45-$2.85 per share
New York - AFP

Shares of Chipotle Mexican Grill fell Monday after the restaurant chain projected much lower-than-expected profits on plunging sales due to an E. coli outbreak in the United States.

Near 1630 GMT, Chipotle shares were down 3.2 percent at $543.31 after earlier falling as low as $515.00.

Following the market close on Friday, Chipotle erased its 2016 outlook for comparable sales, saying sales trends "have been extremely volatile" since its November 3 announcement that it had temporarily closed 43 restaurants on the West Coast due to the outbreak.

Daily sales fell as much as 22 percent at one point before recovering somewhat.

"In light of recent sales trends and additional uncertainty related to the E. coli incident, we cannot reasonably estimate 2016 comparable restaurant sales at this time," Chipotle said in the December 4 securities filing.

Chipotle projected fourth-quarter earnings of $2.45-$2.85 per share, much below the $4 expected by analysts.

Chipotle, which prior to the E. coli outbreak had been a standout among restaurant-chain stocks, said it was stepping up measures to try to avert future problems with bad or spoiled ingredients. These plans include high-resolution testing of all fresh produce and enhanced employee training.

On Friday, the US Centers for Disease Control and Prevention said it had found seven more E. coli cases linked to Chipotle, taking the case count to 52 people in nine states with 20 hospitalizations. The latest cases include victims in Illinois and Ohio in the Midwest and Maryland and Pennsylvania on the East Coast.

The CDC said it believes "a common meal item or ingredient" links the victims, but that the investigation has not identified the specific cause.

Barclays said Monday the outbreak was "all the more damaging" because Chipotle has emphasized its commitment to fresh ingredients with a big "food with integrity" public relations campaign. Barclays lowered its share price target by 18 percent to $540.

"With ongoing headlines to further pressure near-term results, we remain cautious" on the stock, Barclays said.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chipotle shares fall as e coli outbreak hits sales Arab Today, arab today chipotle shares fall as e coli outbreak hits sales

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal

GMT 15:47 2017 Wednesday ,22 February

Airbus faces challenges as it enters new era
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday