Spending ‘slowdown’ takes toll on Chipotle’s Q1 as traffic slows

Chipotle plans to open between 315 and 345 new restaurants by the end of 2025.

Chipotle Mexican Grill got off to a slow start in 2025 with sales that missed estimates and its first same-store sales decline since 2020.

In a release, Chipotle CEO Scott Boatwright said first-quarter results were impacted by headwinds that included a slowdown in consumer spending. The company also lowered the top end of its outlook for full-year same-store sales growth.

“In February, we began to see an elevated level of uncertainty impact spending habits,” Boatwright told analysts on the earnings call. “They are saving money because of concerns around the economy, which was the overwhelming reason they’re reducing visits. This drove a slowdown in transaction trends that continued into April.”

The company expect traffic to its restaurants to grow again starting in the second half of the year.

“I am confident that we have a strong plan to return to positive transaction comps by the second half of the year, and during these uncertain times, we will continue to invest in the things that make Chipotle a special brand — our people, culinary, value proposition, innovation and growth,” Boatwright said in the earnings release.