Chipotle Mexican Grill has reported record sales for its UK business but the business still remains in the red.
Revenue for the 12 months to 31 December 2108 increased 21% year-on-year to £8.7m, according to accounts filed with Companies House. Comparable restaurant sales were up almost 17% following a drop the previous year as the company benefitted from an increase in delivery orders.
The chain’s cost of sales rose by £700,000 to £8.7m, which was primarily related to restaurant level expenses.
It ended the year with a loss of £3.8m compared with a deficit of £5.8m the year before.
“Refining our long-term supply strategy for our European locations remains an important objective,” the company stated in a note accompanying the report. “We also continue to focus on labour costs as we strengthen our teams and become more efficient in serving our customers.”
The company added: “We will continue to develop opportunistically as our brand gains traction and we create a deep pipeline of future restaurant leaders.”
Chipotle had six UK restaurants at the end of 2018, with a further site, in King William Street, London, opening this year.
It operates fast-casual restaurants which serve a focused menu of burritos, tacos, and salads.
The first Chipotle opened in Denver in 1993 after founder and executive chairman Steve Ells set out to demonstrate that food served fast didn’t have to be a typical ‘fast food’ experience.
Using high quality real ingredients, classic cooking techniques and distinctive interior design, it brought features from the realm of fine dining to the world of quick-service restaurants.