The fast-casual chain intends to open 200 new restaurant s this year after beating first-quarter earnings expectations.
In the first quarter alone, Chipotle Mexican Grill opened 40 new sites and closed five, bringing its total store count to 2,803. Assuming there are no delays in construction or permit delays related to Covid-19 and its lasting impacts, the company intends to open a staggering 200 stores this year.
“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 at 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.”
The fast-casual restaurant chain reported a net income of $127.1M for the quarter ended March 31, up from $74.6M in the same period a year ago. Revenue rose by 23.4 per cent to $1.74bn and comparable sales increased by 17.2 per cent. Digital orders soared by 133.9 per cent during the quarter and accounted for 50.1 per cent of sales.
