Shake Shack Provides Fourth Quarter 2020 Business Update

Shake Shack Inc. announced preliminary unaudited results for the fiscal fourth quarter and the fiscal year ended December 30, 2020 ahead of presenting at the 23rd Annual ICR Conference.

“We are pleased to see trends in the fourth quarter 2020 continue to improve with Average Weekly Sales of $62,000 compared to $58,000 in the third quarter 2020, and $45,000 in the second quarter 2020. Also in the fourth quarter 2020, Same-Shack sales declined 17.4% compared to...

Shake Shack Announces Third Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the third quarter ended September 23, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “Our business during this most recent quarter showed steady recovery, thanks to the hard work and dedication of our team, their agility in adapting new Shack protocols and models and an increasingly strong suite of digital capabilities. As a result, guests have been able to enjoy their Shack the way they want it, with a choice of convenient and safe ordering and...

Shake Shack Announces Second Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the second quarter ended June 24, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “Throughout this difficult time, I remain incredibly proud of our team. They've continued to show up, to support each other, our guests, our communities and our suppliers. They’ve had an unwavering commitment to excellence and hospitality in the face of an incredibly challenging operating environment. We owe them a debt of gratitude, and...

Shake Shack Provides Business Update

Shake Shack Inc. provided a business update given the ongoing COVID-19 pandemic. With gradual sales recovery progressing and a strong balance sheet, the Company has restarted new Shack development both domestically and internationally as it looks forward to long-term growth.

“As always, and especially during this recovery period, our priority remains the safety of our team and our communities. Amidst our gradual sales recovery, we've started to open new Shacks again and are looking to the significant growth opportunity that we believe lies ahead for Shake Shack. I am so proud of the resilience of our teams in the Shacks, the innovation across our operating model and our relentless efforts to continue to...

Shake Shack Plans to Expand in China

Shake Shack Inc. and licensee Maxim’s Caterers Limited announced an expanded partnership, with plans to open a minimum of 15 Shacks in South China by 2030, including locations in Shenzhen, Guangzhou, Fuzhou and Xiamen.

Together, Shake Shack and Maxim's Caterers Limited plan to operate 55 Shacks in mainland China by 2030. Maxim’s currently operates Shake Shack locations in Shanghai and Hong Kong, with Beijing and Macau in development with goals to open later in 2020. As a well-respected and proven operator in Asia, Maxim's has more than 60 years of experience in the food, beverage and retail sectors, and its diversified operations include...

Shake Shack Announces First Quarter 2020 Financial Results

Shake Shack Inc. reported its financial results for the first quarter ended March 25, 2020, a period that included 13 weeks.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “I've had the privilege of leading this company through many challenging and incredible moments, but I think we'd all agree that this has been an unprecedented test for our world, and for our teams. Our message across the company has been consistent—to lead with hope, while acting on reality, and to make the necessary...

Burger Chain Shake Shack to Return $10 Million Government Loan

Shake Shack Inc said it will return the small business loan it received from the U.S. government, making it the first major firm to hand back money provided to help businesses ride out the impact of the coronavirus lockdown.

The company will immediately return the entire $10 million U.S. Small Business Administration (SBA) loan as it was able to raise additional capital, CEO Randy Garutti and founder Danny Meyer said in a blog post on Monday.

Last week, it raised about $150 million in an equity offering.

SBA, which is a key part of the government's $2.2 trillion aid package, is aimed at helping small companies...

Shake Shack Provides Business Update

Shake Shack provided a business update today on the impact of the COVID-19 pandemic and steps the Company has taken to conserve cash and increase available liquidity to maximize financial flexibility until current market conditions stabilize.

“We are navigating through an unprecedented time that continues to evolve rapidly. Our message across the company has been to lead with hope, while acting on reality, and to make the necessary choices today to ensure our strength and growth continues for many years to come. We are taking the crucial steps to safeguard the health of our teams and communities, while we work to serve our guests to the best of our ability. In addition to our focus on the pre-ordering convenience of our Shack app and web channels, we are taking this moment to...

Shake Shack Announces Fourth Quarter and Fiscal 2019 Financial Results

Shake Shack Inc. reported financial results for the fourth quarter and the fiscal year ended December 25, 2019, periods that included 13 and 52 weeks, respectively.

Financial Highlights for the Fourth Quarter 2019:

• Total revenue increased 21.9% to $151.4 million.
• Shack sales increased 20.8% to $145.8 million.
• Same-Shack sales decreased 3.6%.
• Licensed revenue increased 58.6% to $5.6 million.
• Shack system-wide sales increased 31.4% to...