Chipotle Mexican Grill Plan to Open 200 New Locations in 2021
27 Apr, 2021
Chipotle Mexican Grill says it plans to open 200 new restaurants in 2021, assuming minimal delays in construction and Covid-19 regulations and permitting. The chain opened 40 new sites during the first quarter and closed five, bringing its total store count to 2,803. It is the only restaurant company of its size that owns and operates all its restaurants, reports Chain Store Age.
“As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is well-positioned for growth,” said Brian Niccol, chairman and CEO, Chipotle. “I'm excited about our future as we remain focused on innovating in culinary, leading in food with integrity, and providing convenient access inside our restaurants and through our expanding digital ecosystem."
Chipotle reported net income of $127.1 million, or $4.45 per share, for the quarter ended. March 31, up from $76.4 million, or $2.70 per share, in the year-ago period. Revenue rose 23.4% to $1.74 billion, in line with expectations. Comparable sales increased 17.2%, fueled by new menu items, strong digital sales and stimulus payments. Digital orders soared 133.9% during the quarter and accounted for 50.1% of sales.
“These formats continue to perform very well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns,” the company said.
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