Shake Shack (SHAK) earnings Q4 2023

on Feb15
by | Comments Off on Shake Shack (SHAK) earnings Q4 2023 |

The Chicken Shack sandwich from Shake Shack.

Shake Shack

Stock Chart IconStock chart icon

hide content

Shake Shack stock.

Here’s how the company performed during the period, compared with estimates from LSEG, formerly known as Refinitiv:

  • Earnings per share: 2 cents vs. 1 cent expected
  • Revenue: $286.2 million vs. $280.3 million expected

For the last three months of 2023, Shake Shack reported a net income of $6.8 million, up from a loss of $8.1 million the year prior. Earnings per share increased to a 15-cent profit from a 20-cent loss during the year-ago period.

Adjusting for one-time items, Shake Shack reported earnings per share of 2 cents.

The burger chain also saw a 20% increase in revenue year over year and opened 15 new restaurants during the quarter.

For 2024, Shake Shack expects to grow total revenue by 11% to 15% and open 80 new restaurants — which would bring the total, including company-owned and licensed, to nearly 600 locations, more than double the footprint five years ago, according to the report.

“We ended the year on a high note, with positive traffic in the fourth quarter through the success of our sales-driving strategies and continued margin expansion,” CEO Randy Garutti said in a letter to shareholders. “Our leadership teams are energized and excited as we embark on our 2024 Strategic Priorities and target another year of strong growth and margin expansion.”

Don’t miss these stories from CNBC PRO:

Previous postNvidia holdings disclosure pumps up shares of small AI companies Next postJeff Bezos sells over $2 billion in Amazon stock third time this month

Los Angeles Financial times

Copyright © 2024 Los Angeles Financial times

Updates via RSS
or Email