Chipotle CEO Steve Ells made investors as nervous as he was, resulting in shares sinking more than 7% on Tuesday.
Apparently the company is nervous about hitting the guidance that it had provided back in October.
In its guidance, the restaurant chain had said same store sales would fall at a low single digit rate in the fourth quarter and would rise at a high-single digit rate next year.
On Tuesday, Ells told investors at a conference, “I’m not satisfied with the rate of recovery and the quality of the restaurant experience.”
Bill Ackman, billionaire famed investor, just bought a 10% stake in the chain three months ago. Is he going to be regretting this move soon?
Disclaimer: We have no position in Chipotle Mexican Grill, Inc. (NYSE: CMG) and have not been compensated for this article.