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Chipotle Posts 11% Revenue Jump in Q4

On track to reach 7,000 store openings

Chipotle Mexican Grill (NYSE: CMG) reported fourth-quarter revenue of $2.2 billion for the period ended December 31, up 11% from the year prior.

It reported full-year revenue of $8.6 billion, missing analysts’ general consensus of $8.7 billion.

The Newport Beach-based restaurant group credited the quarterly growth to a 5.6% increase in comparable restaurant sales, as well as 100 new restaurants delivered during the quarter.

Of those new units, 90 included the chain’s drive-thru concept, the Chipotlane, which continues “to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns,” Chief Executive Brian Niccol said in a statement.

Last year brought the most store openings for the company in six years, according to Niccol. Chipotle currently has almost 3,200 restaurants as of last year and its current expansion goal is to reach 7,000.

Shares fell 4.9% during afterhours trading to $1,638 apiece with a market cap of $47.8 billion.

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