Fast-casual restaurant chain CEO Brian Niccol: 'The Chipotle brand is thriving'
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Chipotle Mexican Grill's double-digit streak of same-store sales growth continued in the fourth quarter. The Newport Beach, Calif-based fast casual chain posted a 13.4% increase in comparable restaurant sales, the third consecutive quarter of double digit growth for the brand.
"We had a strong ending to 2019 as Q4 marks the eighth-consecutive quarter of accelerating comparable sales, which highlights that running great restaurants with the right leaders and the right culture is delivering outstanding financial performance," CEO Brian Niccol said in a statement released Tuesday afternoon. "For the full year, Chipotle's average unit volumes exceeded $2.2 million and digital sales surpassed a billion dollars, showing that our key strategies are working, and the Chipotle brand is thriving as we build a sustainable model that helps cultivate a better world."
Other quarterly highlights:
Revenue increased 17.6% to $1.4 billion
8% comparable restaurant transactions growth
Digital sales grew 78.3% and accounted for 19.6% of sales
Opened 80 new restaurants including one relocation, and closed three
The openings included 46 Chipotlanes, giving the brand a total of 66 restaurants with drive-thru lanes designed for pick up. For 2020, Chipotle said it plans to open 150-165 new restaurants. Of those, more than half will include a Chipotlane.
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