According to Fortune, Chipotle CEO Scott Boatwright pointed to cautious consumers when speaking to investors after the chain saw a dip in sales and lower-than-expected quarterly revenues. The publication reported that Chipotle reported a 6.4% boost in quarterly revenues to $2.44 billion, falling short of an expected $2.95 billion.

For the first time since 2020, Chipotle saw a decrease in quarterly same-store sales. CEO Scott Boatwright pointed to cautious consumers and a spending slowdown as the primary culprits for a sales dip and lower-than-expected quarterly revenues. Boatwright has previously said Chipotle would not raise its prices.

Chipotle (NYSE:CMG) fell in early trading on Thursday after warning that it sees a slowdown in consumer spending. CEO Scott Boatwright noted that a visitation study indicated that concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits,