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05.08.2020 16:58:46

Shake Shack Begins a New Era of Restaurant Development Flush With Cash

Not surprisingly, Shake Shack (NYSE: SHAK) had a terrible outing in the second quarter. The springtime period -- the worst of the economic downturn due to efforts to stop the spread of coronavirus -- yielded a 40% year-over-year decline in revenue to $91.8 million. Same-Shack sales, which measures an average of foot traffic and average guest spending at stores open for at least two years, were down 49%, with the better-burger chain's concentration in New York City (where same-Shack sales were down 64% from last year) contributing significantly to the metric's downfall. As a result, adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) swung to a loss of $8.8 million compared to a gain of $25.9 million a year ago. The numbers weren't pretty, but Shake Shack is making steady progress in most markets (not so much in New York City where same-Shack sales remained down 56% in July). The key to this restaurant making incremental progress will be its digital-selling capabilities and new to-go format. A fresh infusion of cash should also help.  Image source: Shake Shack.Continue reading
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