Chipotle Mexican Grill on Wednesday lowered its annual sales growth target again and missed quarterly sales estimates as economic uncertainty prompts Americans to dine out less, sending the burrito chain's shares down 9.

Q2 Earnings: Chipotle reported second-quarter revenue of $3.06 billion, missing analyst estimates of $3.11 billion. The company reported adjusted earnings of 33 cents per share, in line with analyst estimates, according to Benzinga Pro.

Taco Bell is testing a Luxe Value Menu with brand-new $3-and-under items, including the Chipotle Ranch Chicken Stacker, Beefy Potato Loaded Griller, Chips & Nacho Supreme Dip, Min

Due to Chipotle Mexican Grill's focus on growth and innovation, 24/7 Wall St. projects huge upside on the stock through 2030.

The chain's finance chief said customers who used to opt for steak and barbacoa proteins are "shifting a little bit more to chicken."

Chipotle CEO Scott Boatwright doesn’t think Chipotle is getting credit with the consumer for its value proposition. The proof is in the results, including a 4 percent decline in Q2 same-store sales due to a 4.

US restaurants have struggled as consumers trim spending on food away from home to combat rising menu prices. US inflation has moderated since the surge of 2022, but still rose to 2.7 per cent in June from a recent low of 2.3 per cent in April, driven by higher food prices.

The new Chipotle features the chain’s signature “Chipotlane,” a drive-thru lane that “allows guests to conveniently pick up digital orders without leaving their cars,” the release said. The new Chipotle is open daily from 10:45 a.m. to 10 p.m.