shake shack press release

We raised menu price in March by approximately 3.5% and a premium on third-party delivery to 15% from 10% as we remain focused on building back our profitability in light of labor and COGS inflation as well as delivery costs. And we believe drive-thrus can give us a new look at the way we can think about sites, think about sales capture and really our ability to capture as much share in a market of the burgers that are available to sell there. Also find a comprehensive calendar of Phoenix-area food and drink-related events on my Events page. On the drive-thrus and drive up units really more specifically in the drive-thrus though, I know you're not giving specific financial metrics out yet or anything. We expect this to persist throughout the year. Instantaneously begin tapping on the flame icon to find your perfect match, then the rest is history just like that last fry at the bottom of the bag. And were not breaking them out, but the -- it really depends on them. Booths are crafted by Staach using lumber certified by the Forestry Stewardship Council. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected. NEW YORK, NY-February 18, 2016-Shack likes it hot! NEW YORK, July 14, 2022--Shake Shack Inc. ("Shake Shack" or the "Company") (NYSE: SHAK), will release second quarter 2022 financial results on August 4, 2022, before the market opens. See full terms and conditions at We outline more details on Page 12 of our first quarter shareholder letter. Shake Shack will be opening later this season in Uptown Plaza, the historic epicurean shopping center in Phoenix. Available on iOS and Android. Well, I can't tell you which cuts they are, Jake, as you know. In terms of our operating margin, our goal will be to have strong AUVs and strong margins with a strong return. A fun and lively community gathering place with widespread appeal, Shake Shack has earned a cult-like following around the world. Johnson's College, " A memorandum was submitted to the Chief Minister which did not bear any result. Thank you very much. This quirky dating site empowers singles to break the ice and spice up their love life, all while bonding over their love for Shake Shack's newly-released Buffalo Chicken Sandwich. And then one question, I think there's been a investors are really trying to kind of weigh why Shake Shack's recovery hasn't been as strong as some of the peers, right, versus pre-COVID? "Eat Cute" users won't have just a shot at love this Valentine's Day. Great. Please go ahead. I'll turn the floor back to management for closing remarks. Our next question comes from Andrew Charles with Cowen. Since the beginning of this year, we pushed a number of openings into 2023. Shake Shack's mission is to Stand for Something Good,from its premium ingredients and caring hiring practices to its inspiring designs and deep community investment. We haven't broken it out in years past as to how -- what that difference has been, but generally better month. We opened up six licensed Shacks in the first quarter, including a strong market opening in Nanjing, China and two more in April, including another market opening in Guangzhou, China, bringing our total system count to 386 Shacks as a fiscal April end. Whether or not you find your Eat Cute, singles have a chance to win a $5,000 DoorDash gift card** to buy all the Shake Shack Buffalo Chicken Sandwiches their heart desires. So just a lot going on in the consumer environment. Joining me for Shake Shack's conference call is our CEO, Randy Garutti; and CFO, Katie Fogertey. We just wrapped up our Buffalo Chicken and Fry LTOs. I want to begin by taking a moment to thank our incredible team members for their continued perseverance and dedication these past few years. This highlights the momentum Shake Shack creates as offices, travel, events, tourism and consumer mobility trends improve. Please go ahead. Draupadi Murmu arrives at Lengpui Airport for a short visit to Mizoram, Mizoram Police rescued more than 30 Mizo students and workers stranded in Assam flood, Mizoram State Museum celebrates International Museum Day 2022, Google adds Mizo to Google Translate along with other 7 languages, Mizoram State Sports Council (MSSC) approves Mizoram Cycling Association (MICA) as a state recognised sports association, Special Session and Seminar held to mark the 50th year of Mizoram Legislative Assembly, The largest youth fellowship in Mizoram, CKTP General Conference 2022 held at Kolasib. But it's so different per Shack, right? We have extraordinary AUVs in many of our Asian business. Finally, we're relentlessly focused on our guest experience through our Shacks and our products. It's really the great audio channel experience that we are building, and it's awesome to see it resonate with our digital guests. So while we continue to navigate a challenging operating environment, our sales and profits are steadily improving. letter, which can be found at in the quarterly results section or as an exhibit to our 8-K for the quarter. Thank you. And we still, when you -- if you're going to compare us to peers, any peer you're going to compare us to has multiples of thousands more restaurants than ours across a much wider geographic dispersion than we have. Thank you. Thanks for the question. That concludes today's conference. That's why we're doing these two new markets next year. When typing in this field, a list of search results will appear and be automatically updated as you type. Good evening, everyone. NYSE - Nasdaq Real Time Price. And I recognize with you guys, the 450 plus that you've outlined, it leaves it a bit open ended around how high you could go. At the moment, and we've shared this a number of times, you should expect that those are going to cost more to build than our normal Shacks. I think the focus right now is building a potential pipeline that goes across our formats, which will include in this next few years, we absolutely believe it will include some drivers. There's a lot of unknowns out there that we've talked about inflationary pressures and how that will all play out. First, a $1.3 million gift card breakage income catch-up, which is included in our GAAP metrics, including Shack sales and total revenue as well as system-wide sales. Just a last quick one on unit development. Since the original Shack opened in 2004 in NYC's Madison Square Park, the company has opened multiple locations in 15 states and the District of Columbia, as well as international locations including London, Istanbul, Dubai, Tokyo, Moscow and more. And then one quick one on beef. We opened seven company open Shacks in the first quarter and two more in April. Our guidance calls for a sequential improvement in our Shack-level operating profit margin to 16% to 18% and reflects ongoing inflationary pressures and investments to support our in-Shack traffic growth. Now -- and it's not back to what it was, still Manhattan, right? Omicron and weather drove more than 160 days of closures, 87 of which were in January. When I look at the whole-muscle state cuts, I think most of them, if not all, I see being down year-over-year currently. Just two quick ones. The Kierland Commons Shack opens its doors on Thursday, September 15th at 11AM, and will be the third Shack in Arizona along with the Fashion Square Shack in Scottsdale and the Uptown Plaza Shack in Phoenix. And again, we've got a really strong pipeline for 2023. Your most impacted urban environments are those that are kind of your Midtown office event tourism related. When we look at dayparts, what we saw in March and into April, we're seeing particular strength at urban weekday lunch. And while recognizing you won't provide specific guidance for 2023, I think it still might be helpful to hear some high-level perspective and how you're thinking about the development pipeline in the context of those delays and challenges? In addition to the Shack classics, the menu will feature two location-specific frozen custard concretes: the Dust Devil (vanilla custard, peanut butter sauce, marshmallow sauce and shortbread cookie, dusted with malt power) and the CamelShack (vanilla custard, salted caramel sauce and a slice of banana cream pie from local vendor The Bakery Phx). This shareholder letter is a new more in-depth format replacing our prior supplemental presentation. At this point, the beef market is uncertain, but we are hopeful that it could moderate as we lap challenging compares in the back half of the year, bringing the 2022 outlook for beef up low to mid-single digits. Great. So we still got some recovery to go, but the trajectory is definitely in the right direction. And our license business, we're actually running ahead of our initial development plans and expect to open between 23 and 27 licensed Shacks this year. Non-transferable. And there's just so many more new ways we're getting to know everybody as they come into the Shack more often. This subtotal includes the Buffalo Chicken Sandwich. Thank you. shack shake open rice village juicy burger alert feb location galleria Our New York City teams executed on the largest sales volume since COVID, and we're seeing similar patterns in other heavy hit urban markets like Las Vegas and Washington, D.C., where same-Shack sales grew by more than 20% in the first quarter. First quarter same-Shack sales grew 10.3% year-over-year, supported by traffic growth of 11.6%. Must have or create a valid DoorDash account with a valid form of accepted payment on file. I'll now pass over to Katie to discuss our financial performance in more detail. The Shack is situated right in the heart of Kierland Commons, a natural gathering spot harkening back to our roots in Madison Square Park. We expect total revenue of $233.8 million to $239.5 million, growing 25% to 28% year-over-year. Thank you. By now, you should have access to our first quarter 2022 shareholder letter, which can be found at in the quarterly results section or as an exhibit to our 8-K for the quarter. We are continuing our investments in G&A this year with an eye towards our long-term growth initiatives. Look, there's a few things at play there. Great. In the first quarter, we realized low-teens percent year-over-year food and paper inflation, and we expect this to persist into the second quarter, moderating to high single-digit to low double-digit year-over-year inflation for the fiscal 2022. In our Middle East business, it's much more mature. Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! DoorDash and Shake Shack are partnering with notable singles Rahul Rai (@therealrahulrai) and Courtney Parchman (@averagefashionblogger) who will be swiping on "Eat Cute," in addition to sharing their candid dating advice and experience on TikTok. For more information and to meet your match, please visit and order Shake Shack on DoorDash here. We realized a net loss attributable to Shake Shack, Inc. of $10.2 million in the first quarter or a negative $0.26 in earnings per share -- sorry, negative $0.26 in earnings per share. We really think about -- there's a lot of those that we're targeting it. And however you compare and contrast that, what does that leave you to be encouraged about these first digital users in your own ecosystem? Shake Shack's setting up shop in Kierland Commons, the premier lifestyle and shopping center situated on the border of Scottsdale and Northeast Phoenix. And again, early days not sharing any data yet other than it's only available today at your in-person cashier transaction where you pay with a credit card. And so I'm wondering your early days with drive-thru, but obviously, it's been pretty exciting to see the number that you have opened there. We will continue to leverage our strong cash position in support of investing in new Shack openings in a variety of formats, including drive-thru in addition to supporting our other company-wide initiatives. And so I think that kind of gives you a little bit of order of magnitude of where there's potential for margin recovery on that side. So the question is how you price. Depreciation and amortization expense was 16.9%, up 23% year-over-year. And our percentage of total sales that is digital still holding even as in Shack continues to grow, and that's a really encouraging sign for where we believe the business is headed. Research that delivers an independent perspective, consistent methodology and actionable insight. They're just taking longer to get open. All deliveries subject to availability. Reconciliations to comparable GAAP measures are available in our earnings release in the final details section of our supplemental materials. In conjunction with the earnings release, Shake Shack will host a conference call at 8:00 a.m. And then also, how does April compare for the rest of the year? A spacious outdoor patio features a lounge area with fire pit, foosball table and bleacher seating. This shareholder letter is a new more in-depth format replacing our prior supplemental presentation. We're currently running about 6% to 7% increase to menu price over last year, excluding the impact of delivery premiums, and we'll remain patient as we watch pricing closely through this bumpy period of cost inflation and provide a brief update on the four pillars of our strategic plan. Learn more at: | | @shakeshack | @shakeshack. And ultimately, the thing we're really after is increasing the potential addressable market for Shake Shack. I mean, there are so many variables playing into beef with cost of moving things around, cost of corn, feed, international markets and what that might do, that we're doing our best to give as much of a guide as we can here, but we're telling everyone very clearly, we're not exactly sure either, and we do ride at market price. I guess, could you provide more color on what you're seeing out there? So we're going to continue to buy great meat and price accordingly. So what do we need to see?

Shake Shack Inc. (NYSE:SHAK) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET, Annalee Leggett - Senior Manager, Investor Relations & FP&A. In the first quarter, our food and paper costs were $59.9 million or 30.4% of Shack sales, down 60 basis points quarter-over-quarter as our March price increase helped offset some inflationary pressures. Cision Distribution 888-776-0942 Labor expense was $60.5 million or 30.7% of total Shack sales, up from 29.6% in the prior quarter. So it generally tends to have the newer openings, less new openings, lower AUVs, but really dynamic unit economic model as well as you'll see our partners continue to grow. We're not going to name numbers today, and we're still working through. Suburban same-Shack sales grew 4% year-over-year, lapping a positive 20% comp in the first quarter of 2021, even as we realized strong recovery in our urban Shacks. It's a really exciting time. We have the ability to raise prices further, if necessary and if the inflationary environment warrants. As always, our food raises the bar. SAN FRANCISCO, Feb. 3, 2022 /PRNewswire/ --The romantic comedy begins playing, a couple on their first date agree they're "not that hungry" so they split something. Despite these headwinds early in the quarter, Manhattan same-Shack sales still rose 35% year-over-year. During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. ", "As singles embark on their 'Eat Cute' journey, we're not only wishing them luck in love, but we're also hoping their phone screens can withstand the heat," said Kofi Amoo-Gottfried, Chief Marketing Officer at DoorDash. Our Stand For Something Good report solidifies our commitment to the initiatives that make us unique. Is this happening to you frequently? And this week, we've launched our newest LTOs, featuring our Bourbon Bacon jam burger and chicken sandwich. Yes. System-wide sales grew by 36% year-over-year to $309.5 million, and we generated Shack-level operating profit margin of 15.2%. And Jake, one of the things to point you to page 7 on the letter as we think about regionally, we've talked about this story through COVID. [Operator Instructions] Our first question comes from Michael Tamas with Oppenheimer. Yes, absolutely. And my understanding is that your hamburgers are really ground up stakes, right?

Okay. Generally, it's up. Lalramhlui Sailo, aged 21 is currently pursuing her second semester B.A at Govt. We've collected and audited our environmental, social and governance data, aligned with our leadership team to envision and execute programs that live our vision, and we partnered with suppliers to highlight the good work we do together. As we look towards growth in our license business, we see this as a massive white space opportunity. Singles can "Eat Cute" and salivate over two unique mouthwatering promotions exclusively available on DoorDash to celebrate the launch of Shake Shack's new Buffalo Chicken Sandwich. I'm thrilled that our culture and the growth we've created can now provide this opportunity for learning across the Shack Globe. Thanks for taking the question. ET. Other than to say, look, there were moments last year where beef was really high. And if you choose to, it's great, and thank you for taking care of our team and a little bit of an extra way. So it is really hard to kind of get a true read on what a normal seasonality would look like. So for us, it's really about taking our time, not doing too much too fast.

Those things, I don't expect to get any easier certainly this year. This upcoming retreat will bring together more than 1,200 leaders. And this is why we built the balance sheet that we built over the last year because this has given us the opportunity to optimize for learning, as I've said, really get after this as a format that we believe will draw a lot of opportunity for Shake Shack. But it's something that we hope the goal, obviously, is more money for our team and increased retention, better pay overall. Sales declined early in the quarter from fourth quarter levels as consumers avoided travel, gathering and return to office, particularly in our urban markets. Thank you, and good evening, everyone. First, a new shareholder letter and the level of detail you provide is great. A fun and lively community gathering place with widespread appeal, Shake Shack has earned a cult-like following around the world. I want to close today sharing the tremendous work of our team towards our focus on ESG. Since this time last year, driven by our own digital investments, more than 60% additional guests have made a first-time purchase in our own digital channels, and we're excited about the positive trends that we are seeing with these new guests. The Shack's interiors are clad in reclaimed materials: mushroom wood and local wood sourced from an old tobacco barn. But I think whenever we can create an opportunity for our team to make more money, we want to do so. And I think one of the -- it's not a different guest, I think, is the answer to your question, which are guests generally probably are younger than many others, as you know. So we'll see -- we expect to have a strong class for 2023, but we're not going to get into specifics of that just yet today. But it gives us a lot of confidence to know that we can straddle both ends of that consumer spectrum. And we're okay with that. They didn't disappear. Our brand resonates around the world, and we're taking this time to expand partnerships and open up new markets. Please go ahead. Thanks for taking the question. Our Shack level operating profit margin improved throughout the quarter, and we realized strong flow-through on the higher sales in March, especially in our urban markets. It's working teams working hard to figure a lot of things out, but it feels really good. That format, drive-thru plus it's the other formats, Andrew. As part of Shake Shack's mission to Stand For Something Good, Shake Shack will donate five percent of sales from the Kierland Campfire concrete to support the Arizona Humane Society, committed to improving the lives of animals. Thanks. To your unit economic question, it really depends on the market.

And frankly, even with the world travel being different, our international opportunities have not ceased to continue at a rapid pace. After being significantly impacted by COVID waves in January and February, Shake Shack's performance rebounded in March.

We use a unique beef blend that we do not contract. Thank you for that. Thank you, Randy, and good evening, everyone. However, recent trends have been positive. So my understanding is that your pricing against a commodity index that you get on a regular basis. You may begin. Just trying to reconcile that. Shack team members will also volunteer at events run by the hospital. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. We remain encouraged by our opportunity in suburban markets, as we expand development and evolved formats like drive, curbside and now drive-thru. So we were at 20% to 25%. So -- and we're not going to sacrifice the quality of what we put in our food. Since the original Shack opened in 2004 in NYC's Madison Square Park, the company has expanded to more than 350 locations in 32 U.S. States and the District of Columbia, including more than 120 international locations across London, Hong Kong, Istanbul, Dubai, Philippines, Singapore, Mexico, Tokyo, Seoul and more. Yes, it's really early. More on a rest of world focus.