Chipotle Falls Most Since 2012 After Warning Over Diner Pullback

Chipotle Mexican Grill Inc. shares plummeted after the fast-casual chain cut its outlook for a third time this year as diners pulled back from eating out, a fresh warning sign for consumer spending.

The burrito chain now sees sales for the full year slipping in the low-single digit range from a year earlier. It earlier projected that performance would be flat. In the third quarter, comparable-store sales rose slightly, but fell short of Wall Street’s expectations.

“The consumer slowdown is really affecting our business in a meaningful way,” Chief Executive Officer Scott Boatwright said in a call with analysts on ...