Chipotle opened 140 new restaurants during 2019, bringing the total amount to 2,622. Credit: Aranami.

Fast-casual restaurant chain Chipotle Mexican Grill has reported revenue of $5.6bn for the fiscal year ending 31 December 2019, an increase of 14.8% from $4.86bn in 2018.

The company said the increase in revenue was driven by an 11.1% increase in comparable restaurant sales net of 20 basis points (bps) from loyalty deferral and new restaurant openings.

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Chipotle opened 140 restaurants in 2019, including two relocations, and closed seven, bringing the total restaurant count at the end of the year to 2,622.

Net income for 2019 was $350.2m, or $12.38 per diluted share, compared to $176.6m, or $6.31 per diluted share reported in 2018.

Revenue for the fourth quarter increased by 17.6% to $1.4bn, compared to $1.2bn for the same period in 2018. Net income surged to $72.4m in the quarter.

Chipotle Mexican Grill CEO Brian Niccol said: “We had a strong ending to 2019 as Q4 marks the eighth-consecutive quarter of accelerating comparable sales, which highlights that running great restaurants with the right leaders and the right culture is delivering outstanding financial performance.

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“For the full year, Chipotle’s average unit volumes exceeded $2.2m and digital sales surpassed $1bn, showing that our key strategies are working, and the Chipotle brand is thriving as we build a sustainable model that helps cultivate a better world.”

Chipotle employs over 83,000 people across more than 2,600 restaurants in the US, Canada, the UK, France and Germany.

For 2020, Chipotle expects mid-single-digit comparable restaurant sales growth and 150 to 165 new restaurant openings with more than half featuring a Chipotlane.