Shake Shack Announces Fourth Quarter and Fiscal Year 2020 Financial Results
Shake Shack (NYSE: SHAK) reported Q4 2020 revenue of $157.5 million, a 4.0% increase year-over-year, driven by improved same-Shack sales, which were down 17.4% versus 31.7% in Q3. Despite operational challenges, they opened 13 new Shacks in Q4, concluding the year with 183 domestic Shacks. For fiscal 2020, total revenue decreased 12.1% to $522.9 million, and net loss was $45.5 million. Looking ahead, Shake Shack plans to open 35-40 new domestic Shacks in 2021 and emphasizes digital sales opportunities amidst ongoing challenges.
- Q4 2020 revenue up 4.0% year-over-year to $157.5 million.
- Opened 13 new Shacks in Q4, totaling 183 domestic Shacks.
- Same-Shack sales improved sequentially from Q3; down 17.4% compared to 31.7% in Q3.
- Plans to open 35-40 new domestic Shacks in 2021.
- Net loss of $45.5 million in fiscal 2020, compared to a net income of $19.8 million in 2019.
- Total revenue for fiscal 2020 decreased 12.1% to $522.9 million.
- Operating loss in Q4 2020 was $12.2 million, greater than the $6.8 million loss in Q3.
- Same-Shack sales down 27.8% for fiscal 2020.
Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK), today reported financial results for the fourth quarter and the fiscal year ended December 30, 2020, periods that included 14 and 53 weeks, respectively, as fiscal 2020 contained an additional operating week compared to fiscal 2019.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “As we close the chapter on 2020, I'm so grateful and proud of the way our Shack family has overcome the obstacles that came our way, and led the continued recovery of our business while supporting each other and our communities. With much of the country still under varying degrees of lockdown, we're pleased to report revenue in the fourth quarter of
Garutti continued, “We are excited to accelerate unit growth and will be targeting between 35 and 40 new domestic Company-operated Shacks this year, while ramping up to 45 to 50 in fiscal 2022, representing in total, about a
Financial Highlights for the Fourth Quarter 2020:
-
Total revenue in the fourth quarter 2020 increased
4.0% to$157.5 million versus the same period last year, showing sequential improvement when compared to a decline of17.3% in the third quarter 2020. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental revenue of$11.1 million . Excluding the 53rd week, total revenue in the fourth quarter 2020 decreased3.3% . -
Shack sales in the fourth quarter 2020 increased
4.6% to$152.5 million versus the same period last year, showing sequential improvement when compared to a decline of17.1% in the third quarter 2020. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack sales of$10.7 million . Excluding the 53rd week, Shack sales in the fourth quarter 2020 decreased2.8% . -
Same-Shack sales1 continued to sequentially improve every month since fiscal April 2020, down
17.4% in the fourth quarter 2020 versus the same period last year, compared to down31.7% in the third quarter 2020. In fiscal January 2021, same-Shack sales continued to recover, with a decline of5% versus the same period last year. During the first three weeks of fiscal February 2021, same-Shack sales decreased to down16% , impacted by severe winter weather. Within same-Shack sales:-
Suburban same-Shack sales were approximately flat during the fourth quarter 2020 versus the same period last year, compared to down
16% in the third quarter 2020, improving to up8% in fiscal January 2021. During the first three weeks of fiscal February 2021, suburban same-Shack sales decreased to down4% . -
Urban same-Shack sales were down
31% during the fourth quarter versus the same period last year, compared to down43% in the third quarter 2020, improving to down17% in fiscal January. During the first three weeks of fiscal February 2021, urban same-Shack sales decreased to down27% . Furthermore, Manhattan was down49% during the fourth quarter 2020 versus the same period last year, compared to down60% in the third quarter 2020, and improving to down38% in fiscal January 2021.
-
Suburban same-Shack sales were approximately flat during the fourth quarter 2020 versus the same period last year, compared to down
-
Licensed revenue in the fourth quarter 2020 decreased
10.6% to$5.0 million versus the same period last year, showing sequential improvement when compared to a decline of23.8% in the third quarter 2020. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental licensed revenue of$0.4 million . Excluding the 53rd week, licensed revenue in the fourth quarter 2020 decreased17.7% . -
Shack system-wide sales in the fourth quarter 2020 increased
1.4% to$238.3 million versus the same period last year, showing sequential improvement when compared to down18.4% in the third quarter 2020. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack system-wide sales of$17.7 million . Excluding the 53rd week, Shack system-wide sales in the fourth quarter 2020 decreased6.2% . -
Operating loss in the fourth quarter 2020 was
$12.2 million , compared to operating income of$0.5 million in the same period last year, showing a decline when compared to an operating loss of$6.8 million in the third quarter 2020, as we ramped up general and administrative expenses in support of anticipated accelerated Shack growth in fiscal 2021 and thereafter. This operating loss includes a non-cash impairment charge of$6.5 million related to one Shack and expansion space of the Company's home office. -
Shack-level operating profit2, a non-GAAP measure, decreased
17.9% to$24.4 million , or16.0% of Shack sales in the fourth quarter 2020, versus a Shack-level operating profit of$18.7 million , or14.8% of Shack sales in the third quarter 2020, inclusive of a$0.9 million reduction in Occupancy and related expenses due to the closure of our Shack in Penn Station. -
Net loss was
$20.3 million and adjusted EBITDA2, a non-GAAP measure, was$9.2 million in the fourth quarter 2020, compared to net loss of$2.1 million and adjusted EBITDA of$14.8 million in the same period last year. -
Net loss attributable to Shake Shack Inc. was
$19.4 million and adjusted pro forma net loss2, a non-GAAP measure, was$1.3 million , or a loss of$0.03 per fully exchanged and diluted share in the fourth quarter 2020, compared to net loss attributable to Shake Shack Inc. of$2.1 million , adjusted pro forma net income of$2.2 million , or$0.06 per fully exchanged and diluted share, in the same period last year. - The Company opened 13 net system-wide Shacks in the fourth quarter 2020, comprised of 8 domestic Company-operated Shacks and 5 net licensed Shacks. As of the end of the fourth quarter there were 183 Company-operated domestic Shacks and 128 global licensed Shacks compared to 163 and 112, respectively, versus the prior year.
-
Cash and marketable securities on hand was
$183.8 million as of December 30, 2020.
Financial Highlights for the Fiscal Year 2020:
-
Total revenue for the fiscal year ended December 30, 2020 decreased
12.1% to$522.9 million versus the prior year. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental revenue of$11.1 million . Excluding the 53rd week, total revenue in fiscal year 2020 decreased13.9% . -
Shack sales for the fiscal year ended December 30, 2020 decreased
11.9% to$506.3 million versus the prior year. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack sales of$10.7 million . Excluding the 53rd week, Shack sales in fiscal year 2020 decreased13.7% . -
Same-Shack sales1 decreased
27.8% , for the fiscal year ended December 30, 2020 versus the prior year. -
Licensed revenue for the fiscal year ended December 30, 2020 decreased
16.9% to$16.5 million versus the prior year. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental licensed revenue of$0.4 million . Excluding the 53rd week, licensed revenue in fiscal year 2020 decreased18.9% . -
Shack system-wide sales decreased
13.0% to$778.9 million , versus the prior year. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack system-wide sales of$17.7 million . Excluding the 53rd week, Shack system-wide sales in the fiscal year 2020 decreased15.0% . -
Operating loss for the fiscal year ended December 30, 2020 was
$43.9 million compared to operating income of$25.7 million versus the same period last year. This operating loss includes a non-cash impairment charge of$7.6 million related to two Shacks and the expansion space of the Company's home office. -
Shack-level operating profit2, a non-GAAP measure, decreased
44.2% to$71.4 million , or14.1% of Shack sales in fiscal year 2020, inclusive of a$0.9 million reduction in Occupancy and related expenses due to the closure of our Shack in Penn Station. -
Net loss was
$45.5 million and adjusted EBITDA2, a non-GAAP measure, was$22.7 million in fiscal year 2020, compared to net income of$24.1 million and adjusted EBITDA of$81.8 million in the same period last year. -
Net loss attributable to Shake Shack Inc was
$42.2 million and adjusted pro forma net loss2, a non-GAAP measure, was$22.3 million , or a loss of$0.56 per fully exchanged and diluted share in fiscal year 2020, compared to net income attributable to Shake Shack Inc. of$19.8 million , adjusted pro forma net income of$27.4 million , or$0.72 per fully exchanged and diluted share, in the same period last year. - The Company opened 36 net system-wide Shacks, comprised of 20 domestic Company-operated Shacks and 16 net licensed Shacks. In the fourth quarter 2020, the Company was notified by its landlord of the early termination of the Company's lease at Penn Station, NY. The termination was due to the landlord’s plans to redevelop the Long Island Rail Road Concourse following the successful completion of the East End Gateway and opening of the Moynihan Train Hall. This closure is effective as of fiscal February 2021
1 Fiscal 2020 excludes the impact of the 53rd week. Same-Shack sales compares the 52 weeks from December 26, 2019 through December 23, 2020 to the 52 weeks from December 27, 2018 through December 25, 2019. In order to compare like-for-like periods for fiscal 2021, same-Shack sales will compare the 52 weeks from December 31, 2020 through December 29, 2021 to the 52 weeks from January 2, 2020 through December 30, 2020.
2 Shack-level operating profit, adjusted EBITDA and adjusted pro forma net income (loss) are non-GAAP measures. Reconciliations of Shack-level operating profit to operating income (loss), adjusted EBITDA to net income (loss), and adjusted pro forma net income (loss) to net income (loss) attributable to Shake Shack Inc., the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”
Fourth Quarter 2020 Review
Total revenue, which includes Shack sales and licensing revenue, increased
Shack sales for the fourth quarter of 2020 were
Same-Shack sales improved across all regions on a sequential basis in the fourth quarter 2020 when compared to the third quarter 2020, with performance driven by increases in in-Shack dining in both urban and suburban Shacks, combined with high levels of digital sales. Most notably, same-Shack sales improved sequentially in each of the last nine months of fiscal 2020, and through fiscal January 2021. During the fourth quarter of fiscal 2020, same-Shack sales were down
Two domestic Company-operated Shacks were temporarily closed as of the end of the fourth quarter 2020. As of the end of the fourth quarter 2020, approximately half of the Company's domestic Company-operated Shacks had open dining rooms with varying capacity restrictions, with the majority of Shacks also utilizing outdoor patio space, whenever possible.
During the fourth quarter of 2020, total digital sales, including orders placed on the Shake Shack app, website and third party delivery platforms, represented
The following table presents fiscal monthly information about the Company's current trends in Shack sales.
|
Fiscal 2020 |
|
Fiscal 2021 |
||||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
First
|
||||||||||||||
(dollar amounts in
|
Mar 25 |
|
Apr 22 |
|
May 20 |
|
Jun 24 |
|
Jul 22 |
|
Aug 19 |
|
Sep 23 |
|
Oct 21 |
|
Nov 18 |
|
Dec 30(1) |
|
Jan 27 |
|
Feb 17(2) |
Average weekly sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total year-over-year
|
(11)% |
|
(56)% |
|
(32)% |
|
(32)% |
|
(23)% |
|
(20)% |
|
(10)% |
|
(5)% |
|
(3)% |
|
|
|
(6)% |
|
(2)% |
Same-Shack sales %(3) |
(29)% |
|
(64)% |
|
(42)% |
|
(42)% |
|
(39)% |
|
(34)% |
|
(23)% |
|
(21)% |
|
(17)% |
|
(15)% |
|
(5)% |
|
(16)% |
| _________________ | ||
(1) |
When excluding the impact of the 53rd week, total year-over-year sales were down |
|
(2) |
Represents the first three weeks of fiscal February 2021. | |
(3) |
"Same-Shack sales" or “SSS” represents Shack sales for the comparable Shack base, which is defined as the number of domestic Company-operated Shacks open for 24 full fiscal months or longer. For days that Shacks were temporarily closed, the comparative 2019 period was also adjusted. For fiscal December, same-Shack sales excludes the impact of the sixth week and compares the five weeks from November 19, 2020 through December 23, 2020 to the five weeks from November 21, 2019 through December 25, 2019. | |
Average weekly sales were
Licensing revenue in the fourth quarter of 2020 was
|
Fiscal 2020 |
|
Fiscal 2021 |
||||||||||||||||||||||||||||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
First
|
||||||||||||||||||||||||||||||||||||||
(dollar amounts in
|
Mar 25 |
|
Apr 22 |
|
May 20 |
|
Jun 24 |
|
Jul 22 |
|
Aug 19 |
|
Sep 23 |
|
Oct 21 |
|
Nov 18 |
|
Dec 30(1) |
|
Jan 27 |
|
Feb 17(2) |
||||||||||||||||||||||||
Weekly licensed
|
$ |
4.6 |
|
|
$ |
2.0 |
|
|
$ |
2.4 |
|
|
$ |
3.5 |
|
|
$ |
4.6 |
|
|
$ |
5.4 |
|
|
$ |
5.7 |
|
|
$ |
5.9 |
|
|
$ |
5.9 |
|
|
$ |
6.4 |
|
|
$ |
5.6 |
|
|
$ |
6.0 |
|
Total year-over-year
|
13 |
% |
|
(65) |
% |
|
(58) |
% |
|
(47) |
% |
|
(32) |
% |
|
(23) |
% |
|
(9) |
% |
|
(10) |
% |
|
(10) |
% |
|
4 |
% |
|
(27) |
% |
|
(7) |
% |
||||||||||||
Number of open
|
96 |
|
|
56 |
|
|
59 |
|
|
91 |
|
|
98 |
|
|
104 |
|
|
105 |
|
|
107 |
|
|
106 |
|
|
106 |
|
|
107 |
|
|
108 |
|
||||||||||||
| _________________ | ||
(1) |
|
When excluding the impact of the 53rd week, total year-over-year licensed sales were down |
(2) |
|
Represents the first three weeks of fiscal February 2021. |
(3) |
|
Weekly licensed sales is an operating measure and consists of sales from domestic licensed Shacks and international licensed Shacks. The Company does not recognize the sales from licensed Shacks as revenue. Of these amounts, revenue is limited to licensing revenue based on a percentage of sales from domestic and international licensed Shacks, as well as certain up-front fees such as territory fees and opening fees. |
During the fourth quarter of 2020, the Company opened eight new domestic Company-operated Shacks and seven new international licensed Shacks. These openings were partially offset by the COVID-related closure of two international licensed Shacks.
Location |
|
Type |
|
Opening Date |
Singapore — Suntec City |
|
International Licensed |
|
September 30 |
Murray, UT — Fashion Place |
|
Domestic Company-Operated |
|
October 1 |
Madison, WI — Hilldale Center |
|
Domestic Company-Operated |
|
October 5 |
Abu Dhabi, UAE — Dalma Mall |
|
International Licensed |
|
October 5 |
Pasadena, CA — Pasadena |
|
Domestic Company-Operated |
|
October 12 |
White Plains, NY — The Westchester |
|
Domestic Company-Operated |
|
October 26 |
Makati, Philippines — Greenbelt, Legazpi Village |
|
International Licensed |
|
October 29 |
Mexico City, Mexico — Terraza Coapa |
|
International Licensed |
|
November 5 |
Houston, TX — The Woodlands |
|
Domestic Company-Operated |
|
November 19 |
South Korea — Daejeon Dunsan |
|
International Licensed |
|
November 20 |
VivoCity, Singapore — VivoCity |
|
International Licensed |
|
December 1 |
Oakland, CA — Oakland |
|
Domestic Company-Operated |
|
December 8 |
Denver, CO — Cherry Creek |
|
Domestic Company-Operated |
|
December 10 |
Edgewater, CO — Edgewater |
|
Domestic Company-Operated |
|
December 19 |
Beijing China — Xidan |
|
International Licensed |
|
December 21 |
Operating loss for the fourth quarter of 2020 was
-
General and administrative expenses decreased
0.8% to$19.1 million in the fourth quarter of 2020 from$19.2 million in the fourth quarter 2019. This was primarily due to disciplined cost reduction across the majority of discretionary spend categories including travel and professional services partially offset by increased home office compensation expense as the Company continues to invest in its teams in support of accelerated growth ahead. As a percentage of total revenue, general and administrative expenses decreased to12.1% for the fourth quarter of 2020 from12.7% in the fourth quarter 2019, primarily due to lower travel and professional services partially offset by increased investments in our home office teams.
Fiscal 2021 Outlook
Given the substantial uncertainty and resulting material economic impact caused by the COVID-19 pandemic, the Company is not providing full guidance for the fiscal year ending December 29, 2021. The timing of return to pre-COVID sales levels is highly dependent upon the return of the high traffic areas that contributed to many of the strongest Shack sales, including those most reliant on travel, schools, offices and major gatherings, as well as ultimately, fully open dining rooms. The timing of that recovery remains unknown today. As the Company approaches the one year mark in mid-March 2021 since the initial and extensive impact of COVID-19, it remains cautious about the near-term sales outlook, especially in its urban business.
|
Current 2021 Outlook |
Domestic Company-operated Shack openings |
35 to 40 |
Licensed Shack openings |
15 to 20 |
Total general and administrative expenses(1) |
|
Equity-based compensation |
approximately |
Depreciation expense |
|
Pre-opening costs |
|
(1) |
Includes approximately |
Earnings Conference Call
As previously announced, the Company will host a conference call to discuss its fourth quarter and fiscal year 2020 financial results today at 5:00 p.m. ET.
The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until March 3, 2021 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13714977.
The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
Definitions
The following definitions apply to these terms as used in this release:
"Shack sales" is defined as the aggregate sales of food, beverages and Shake Shack branded merchandise at domestic Company-operated Shacks and excludes sales from licensed Shacks.
"Same-Shack sales" represents Shack sales for the comparable Shack base, which is defined as the number of domestic Company-operated Shacks open for 24 full fiscal months or longer. For days that Shacks were temporarily closed, the comparative 2019 period was also adjusted.
"Average weekly sales" is calculated by dividing total Shack sales by the number of operating weeks for all Shacks in operation during the period. For Shacks that are not open for the entire period, fractional adjustments are made to the number of operating weeks open such that it corresponds to the period of associated sales.
"Weekly licensed sales” is calculated by dividing the total sales for the period for all licensed Shacks by the number of weeks in the period.
"Shack-level operating profit," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses.
"Shack-level operating profit margin," a non-GAAP measure, is defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses, other operating expenses and occupancy and related expenses as a percentage of Shack sales.
“EBITDA,” a non-GAAP measure, is defined as net income (loss) before interest expense (net of interest income), income tax expense (benefit), and depreciation and amortization expense.
“Adjusted EBITDA,” a non-GAAP measure, is defined as EBITDA (as defined above), excluding equity-based compensation expense, deferred lease costs, impairment and loss on disposal of assets, amortization of cloud-based software implementation costs, as well as certain non-recurring items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.
“Adjusted EBITDA margin,” a non-GAAP measure, is defined as net income (loss) before net interest, taxes, depreciation and amortization, which also excludes equity-based compensation expense, deferred lease costs, impairment and loss on disposal of assets, amortization of cloud-based software implementation costs, as well as certain non-recurring and other items that the Company does not believe directly reflect its core operations, as a percentage of revenue.
"Adjusted pro forma net income (loss)," a non-GAAP measure, represents net income (loss) attributable to Shake Shack Inc. assuming the full exchange of all outstanding SSE Holdings, LLC membership interests ("LLC Interests") for shares of Class A common stock, adjusted for certain non-recurring and other items that the Company does not believe directly reflect its core operations.
About Shake Shack
Shake Shack is a modern day "roadside" burger stand serving a classic American menu of premium burgers, chicken sandwiches, hot dogs, crinkle cut fries, shakes, frozen custard, beer and wine. With its fresh, simple, high-quality food at a great value, Shake Shack is a fun and lively community gathering place with widespread appeal. 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. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to approximately 310 locations in 30 U.S. States and the District of Columbia, including more than 105 international locations including London, Hong Kong, Shanghai, Singapore, Philippines, Mexico, Istanbul, Dubai, Tokyo, Seoul and more.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"), which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact included in this press release are forward-looking statements, including, but not limited to, expected financial outlook and operating performance for fiscal 2021, expected Shack openings, expected same-Shack sales growth and trends in the Company’s operations. Forward-looking statements discuss the Company's current expectations and projections relating to its financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "outlook," "potential," "project," "projection," "plan," "intend," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in the Company’s Form 10-K for the fiscal year ended December 25, 2019 and the Company's Form 10-Q filed for the fiscal quarter ended June 24, 2020, filed with the Securities and Exchange Commission ("SEC"). All of the Company's SEC filings are available online at www.sec.gov, www.shakeshake.com or upon request from Shake Shack Inc. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
SHAKE SHACK INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) (in thousands, except per share amounts) |
||||||||||||
| Fiscal Quarter Ended | Fiscal Year Ended | |||||||||||
December 30, 2020 (1) |
|
December 25, 2019 |
|
December 30, 2020 (1) |
|
December 25, 2019 |
||||||
| Shack sales | $ 152,484 |
|
$ 145,814 |
|
$ 506,339 |
|
$ 574,625 |
|
||||
| Licensing revenue | 5,026 |
|
5,621 |
|
16,528 |
|
19,894 |
|
||||
| TOTAL REVENUE | 157,510 |
|
151,435 |
|
522,867 |
|
594,519 |
|
||||
| Shack-level operating expenses(2): | ||||||||||||
| Food and paper costs | 45,841 |
|
43,127 |
|
153,335 |
|
168,176 |
|
||||
| Labor and related expenses | 46,217 |
|
41,920 |
|
156,814 |
|
160,811 |
|
||||
| Other operating expenses | 22,394 |
|
17,899 |
|
73,220 |
|
69,169 |
|
||||
| Occupancy and related expenses | 13,618 |
|
13,142 |
|
51,592 |
|
48,451 |
|
||||
| General and administrative expenses | 19,080 |
|
19,229 |
|
64,250 |
|
65,649 |
|
||||
| Depreciation expense | 12,568 |
|
11,153 |
|
48,801 |
|
40,392 |
|
||||
| Pre-opening costs | 2,781 |
|
4,156 |
|
8,580 |
|
14,834 |
|
||||
| Impairment and loss on disposal of assets | 7,227 |
|
321 |
|
10,151 |
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FAQ
What were Shake Shack's Q4 2020 earnings results?
Shake Shack reported Q4 2020 revenue of $157.5 million, a 4.0% increase year-over-year, with same-Shack sales down 17.4%.
What is the outlook for Shake Shack in fiscal 2021?
Shake Shack plans to open 35-40 new domestic Company-operated Shacks in fiscal 2021, while focusing on digital sales growth.
How did Shake Shack perform in fiscal 2020?
In fiscal 2020, Shake Shack reported a total revenue decrease of 12.1% to $522.9 million and a net loss of $45.5 million.
Shake Shack Inc.
NYSE:SHAKSHAK RankingsSHAK Latest NewsSHAK Stock Data
4.90B
37.99M
5.08%
99.19%
8.87%
Restaurants
Retail-eating & Drinking Places
United States of America
NEW YORK
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