Chipotle in Newport Beach

Chipotle in Newport Beach

Chipotle Mexican Grill Inc. (NYSE: CMG) said it aims to open some 200 new restaurants in 2021, following a year of growth for the Newport Beach-based chain.

The outlook came with full-year and fourth-quarter results for Chipotle, which saw digital sales continue their surge as the overall business notched gains.

Get the latest OC business and Coronavirus updates

Chipotle said it ended the fourth quarter with $1.6 billion in revenue, up 11.6% from the year-ago period and in line with analyst projections.

Online and mobile orders, which accounted for 49% of overall sales, spiked 177% during the quarter.

Chipotle also beat consensus estimates on earnings for the quarter with net income of $191 million. Analysts expected net income of $106.5 million.

The company ended 2020 with revenue for the year up 7.1% to $6 billion and net income of $355.8 million.

Chipotle, which had a recent market cap of $42.6 billion, was trading down 1.9% in after-hours trading Tuesday to $1,523.05.