Chipotle Sees Mobile Orders Doubling to $2.4 Billion This Year
(Bloomberg) -- Chipotle Mexican Grill Inc. Chief Executive Brian Niccol sees the restaurant’s digital sales reaching $2.4 billion this year, more than double the $1 billion it generated in 2019.
While diners are trickling into dining rooms as they reopen, Niccol still expects sales via mobile and online orders, mainly for carryout, to normalize at 40% and 50% of the company’s overall sales, he said speaking in an interview on Bloomberg TV. That’s higher than Niccol forecast in March, when he said digital sales this year could reach 40%. Digital reached as high as 80% of sales during the peak of lockdown measures, he said.
“Our digital business is going to stay around as dining room business comes back,” Niccol said.
The popularity of online ordering is a key consideration for investors in fast-casual restaurants as economies reopen.
Chipotle shares fell almost 1% to $1,308.49 on Thursday. The stock has advanced 56% so far this year, the 11th best performer on the S&P 500 Index.
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