Chipotle Mexican Grill Inc. warned investors that it’s spending more on marketing and promotions as it tries to bounce back from a food-safety crisis.
The burrito chain expects the expenses to rise by as much as 0.3 percentage point from the previous three months, according to a filing on Monday. The Denver-based company doesn’t anticipate that food costs will change, accounting for about 34 percent of sales.
The outlook sent Chipotle shares down as much as 3 percent to $445 in extended trading. They had been up 22 percent this year through Monday’s close, lifted by optimism that the company can execute a comeback.
Chipotle has had to work harder…