Shake Shack announced its latest quarterly earnings on Thursday which mostly fell in line with Wall Street expectations. The company’s fourth-quarter revenue hit $238.5 million, narrowly beating estimates of $238.2 million as reported by Bloomberg.
Other results included Adjusted earnings per share of -$0.06, narrowly outpacing estimates of -$0.11, as well as a same-store sales increase of 5.1%, falling marginally short of an estimated 5.16% rise. Shake Shack’s stock was up during premarket trading before declining by 6% during Thursday’s morning session.
For the full fiscal year, Shake Shack’s revenue was $900.5 million; up 21.7% from 2021. While same-store sales rose by 7.8%, system-wide sales increased by 22.7%. Despite this earnings increase, the fast-food franchise incurred an operating loss for the year of $26.9 million.
Throughout 2022, the company opened 36 new locations across the U.S. as well as 33 new licensed shacks and four new markets in China. In 2023, Shake Shack intends to open almost 40 new U.S. locations in addition to 25 to 30 licensed locations abroad. CEO Randy Garutti further revealed last month that the company is looking to open 10 to 15 more drive-thrus as well. Currently, the company operates 11 drive-thru locations, nine of which were opened in 2022.