NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) has reported its financial results for the first quarter, ended March 31, 2021, with digital sales growing 133.9 percent year-over-year to $869.8 million. Digital sales accounted for 50.1 percent of overall sales for the Newport Beach-based fast-casual restaurant chain.
Chipotle’s revenue increased 23.4 percent to $1.7 billion compared to first-quarter 2020, with comparable restaurant sales increasing 17.2 percent. Additionally, the company reported opening 40 new restaurants and closing five restaurant locations, bringing the total restaurant count to 2,803, with 26 of the new locations offering a “Chipotlane” drive-thru option.
As of March 31, Chipotle has nearly $1.2 billion in cash, investments and restricted cash, and no debt. The company also has access to a recently refinanced $500 million untapped credit facility with which to continue to navigate the COVID-19 pandemic. Net income for the restaurant was $127.1 million, an increase from $76.4 million in first-quarter 2020.
“Chipotle is off to a great start in 2021 thanks to our employees and their incredible level of collaboration and tireless dedication,” says Brian Niccol, chairman and CEO of Chipotle. “As vaccines roll out and we get closer to moving past this pandemic, I believe Chipotle is well-positioned for growth. 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.”