July 26 (Reuters) - Chipotle Mexican Grill (CMG.N) missed Wall Street estimates for quarterly sales on Wednesday, signaling that demand for its rice bowls and burritos was losing steam in the face of higher menu prices and waning household budgets.
Like other restaurants, Chipotle has also hiked menu prices to offset the impact of higher input costs of everything from beef to potatoes, deterring lower-income customers from ordering its pricier meals.
Comparable sales at the restaurant chain rose 7.4% in the second quarter, compared with analysts' average estimate for a 7.59% increase, according to Refinitiv IBES data.
Total revenue rose 13.6% to $2.51 billion in the three months ended June 30, also below estimates of $2.53 billion.
Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons:
burritos, Chipotle, Deborah Sophia, Devika
Organizations:
Thomson
Locations:
Bengaluru