Chipotle Mexican Grill Inc CMG Shares traded lower in Tuesday’s after-hours session after the company reported incoming fourth-quarter financial results below analyst estimates.

What happened: Chipotle said fourth-quarter revenue rose 11.2% year over year to $2.18 billion, which it missed average analyst estimates of $2.33 billion Gasoline Pro. The fast-casual restaurant chain company reported quarterly earnings of $8.29 per share that missed estimates of $8.90 per share.

Comparable restaurant sales were up 5.6% year over year. In-restaurant sales grew 17.5%, and digital sales accounted for 37.4% of F&B revenue.

Chipotle said it opened 100 new restaurants in 90 locations during the quarter, including a Chipotle.

“We delivered strong growth in 2022, increasing average unit counts and restaurant-level margin while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment,” said brian nicoleChairman and CEO of Chipotle.

Look at that: Trading Strategies for Mexican Chipotle Stocks Before and After Q4 Results

Chipotle expects to open between 255 and 285 new restaurants in 2023. Based on January comparable growth in the low double digits, the Company expects first quarter comparable restaurant revenue growth to be in the high single digits.

Chipotle will host a conference call starting at 4:30 p.m. ET to discuss these results.

CMG Price Action: Chipotle has a 52-week high of $1,754.56 and a 52-week low of $1,196.28.

The stock was down 4.83% after the close of business to $1,637.51 at the time of writing Gasoline Pro.

Photo: courtesy of Chipotle.