The Chicken Shack sandwich from Shake Shack.
beaten hut
Shake the Shack broth.
Here's how the company performed during the period, compared to estimates from LSEG, formerly known as Refinitiv:
- Earnings per share: 2 cents versus 1 cent expected
- Revenue: $286.2 million vs. $280.3 million expected
For the last three months of 2023, Shake Shack reported net income of $6.8 million, down from a loss of $8.1 million a year earlier. Earnings per share rose to a profit of 15 cents from a loss of 20 cents during the same period a year earlier.
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.
By 2024, Shake Shack expects to increase total revenue by 11% to 15% and open 80 new restaurants, which would bring the total, including those owned and licensed by the company, to nearly 600 locations, more than double the footprint from five years ago, according to the report.
“We ended the year on a high note, with positive traffic in the fourth quarter thanks to 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 enthusiastic as we embark on our 2024 Strategic Priorities and aim for another year of strong growth and margin expansion.”
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