Chipotle Mexican Grill's shares slumped about 10% before the bell on Thursday, as weak consumer spending on dining out led to a bigger-than-expected fall in quarterly sales and caused the bowls and burritos maker to temper its annual sales target.

Chipotle Mexican Grill on Wednesday cut its forecast for same-store sales growth this year after traffic declined for a second straight quarter. The burrito chain now anticipates flat same-store sales growth for 2025,

Shares of Chipotle Mexican Grill (NYSE:CMG) fell more than 10% on Thursday following the company’s decision to cut its full-year sales outlook amid growing concerns over economic uncertainty that could dampen consumer spending.