- Shake Shack reported better-than-expected 4Q earnings of $0.02 per share and revenue of $286.2 million, beating estimates and sending the stock up 20%.
- For 2024, Shake Shack expects total revenue growth of 11-15% and plans to open 80 new restaurants, expanding its footprint to nearly 600 locations.
- Shake Shack ended 2022 on a high note with positive traffic, success from sales strategies, and continued margin expansion according to CEO Randy Garutti.
Shake Shack shares jumped 20% on Thursday after the burger chain reported better-than-expected earnings for the fourth quarter. The stock hit a new 52-week high on the news.
Shake Shack Beats Earnings Estimates
For the fourth quarter, Shake Shack posted:
- Earnings per share of $0.02 vs $0.01 expected
- Revenue of $286.2 million vs $280.3 million expected
The company reported a net income of $6.8 million, compared to a loss of $8.1 million in the prior year period. Earnings per share swung to a profit of $0.15 from a loss of $0.20.
On an adjusted basis, Shake Shack earned $0.02 per share. Revenue rose 20% versus a year ago. Shake Shack opened 15 new restaurants during the quarter.
Strong Outlook for 2024
For 2024, Shake Shack expects to grow total revenue by 11% to 15% and open 80 new restaurants.
That would bring Shake Shack’s total footprint to nearly 600 locations, more than double where it was five years ago.
“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,” said CEO Randy Garutti.
“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.”
