Chipotle Falls as Cautious Outlook Bucks Restaurant Rally

Chipotle Mexican Grill Inc. fell after cutting its full-year outlook for a third time this year as diners pulled back from eating out at the fast-casual chain.

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 Wednesday.

The shares dropped 17% as ...