Shake Shack (SHAK) earnings Q4 2023

The Chicken Shack sandwich from Shake Shack.

Shake Shack

Shares of Shake Shack surged 20% Thursday morning after the burger chain delivered strong fourth-quarter earnings results.

With Thursday morning’s gains, the stock reached a new 52-week high of $95.80 and is up more than 50% in the last twelve months.

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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 Shacks, 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.”

Source: https://www.cnbc.com/2024/02/15/shake-shack-shak-earnings-q4-2023.html