Chipotle Reports $1.6 Billion in Q3 Revenue as Digital Sales Triple

Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1% to $1.6 billion for third-quarter 2020. Digital sales soared 202.5% to $776.4 million, accounting for 48.8% of sales for the period.

The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic.

In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the total restaurant count to 2,710. The company rolled out its “Chipotlane” drive-thru at 26 of the 44 new restaurants. The chain also saw its restaurant-level operating margin dip to 19.5%, a decrease from 20.8% in third-quarter 2019.

As of Sept. 30, Chipotle has $1.1 billion in cash, investments and restricted cash, and no debt, along with a $600 million untapped credit facility with which to continue to navigate impacts of the COVID-19 pandemic.

 

 

SOURCE: www.ShoppingCenterBusiness.com

 

 

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