- Shake Shack shares surged following the company’s strong earnings results.
- The company reported total revenue of $286.2 million and a strong 2024 outlook.
- For 2024, Shake Shack expects to grow total revenue by 11% to 15% and open 80 new restaurants.
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.”
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Source: Business - cnbc.com
