Chipotle to open 315 to 345 locations in 2025; Q4 sales, traffic up
Chipotle Mexican Grill reported a strong fourth quarter as it continues to expand its footprint at home and abroad.
The quick-serve restaurant company expects to open between 315 and 345 new locations in 2025, more than 80% of which will have a drive-thru “Chipotlane” for digital orders. Along with growing at home, Chipotle, which has set a goal of 7,000 restaurants across North America, is also focusing on global expansion. It currently has 85 international sites, including 55 in Canada, 27 in Europe and three in the Middle East, which it entered last year.
“As we mentioned last quarter, we're proving that Chipotle resonates across geographies,” CEO Scott Boatwright told analysts on the company’s earnings call. “We will accelerate growth in Canada and the Middle East in 2025, and also continue to make progress on proving out the economic model in Europe and begin to build a pipeline for growth.”
Boatwright was named CEO of Chipotle in November. He was appointed to the position on an interim basis in August, after chief executive Brian Niccol announced he was leaving to take the reins of Starbucks Corp.
Chipotle reported net income of $331.8 million, or $0.24 per share, for the quarter ended Dec. 31, up from $282.1 million, or $.20 per share, in the year-ago period. Adjusted earnings were $0.25 per share.
Net sales rose 13.1% to $2.85 billion. Comparable restaurant sales increased 5.4%.
Transactions rose 4% in the quarter, continuing the burrito chain’s streak of higher traffic. For the past year, Chipotle has outpaced the broader restaurant industry, which has seen traffic slump as many consumers opt to cook their meals to save money.
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For the full year, Chipotle’s total revenue increased 14.6% to $11.3 billion. Comparable sales rose 7.4%.
“Chipotle had another outstanding year, delivering strong transaction driven comps each quarter, expanding margins, adding over 300 new restaurants, gaining momentum in key industry leading brand metrics, making progress on many restaurant operating initiatives and building our footprint internationally," Boatwright said in the earnings release.
The company has long-term goals of reaching 7,000 restaurants in North America, growing its AUVs beyond $4 million, expanding margins and making progress toward becoming "a global iconic brand," Boatwright said.
As of Dec. 31, 2024, Chipotle had more than 3,700 restaurants in the U.S. Canada, the U.K., France, Germany, Kuwait, and United Arab Emirates. Chipotle is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe.
