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Shake Shack Financial Performance
Shares of Shake Shack (NYSE: SHAK) fell by as much as 20% on the day of its earnings report on July 30, despite the company posting record revenue of $356 million, surpassing analysts’ expectations of $354 million. Adjusted earnings were $0.44 per share compared to a consensus of $0.38. The company’s same-store sales growth was 1.8%, falling short of the expected 2% growth.
Year-to-Date Performance
Year-to-date, Shake Shack’s stock is down 28%, while the S&P 500 has gained 13%. The company added 63 stores over the last year, marking an 11.5% increase in locations. Furthermore, restaurant-level profit margins rose to 23.9%, well above the industry average of 6-9%.
Future Prospects
Shake Shack plans to add 80-90 locations in 2023, the fastest rate of growth in its 21-year history. The company is scheduled to report its third-quarter results on October 30, with analysts forecasting revenue growth of 14% and several new restaurant openings.
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