Shake recovers from shock
NEW YORK — Shake Shack Inc. (Shake Shack) reported financial results for the fourth quarter and the fiscal year ended 30 December 2020, periods that included 14 and 53 weeks, respectively, as fiscal 2020 contained an additional operating week compared to fiscal 2019.
The restaurant chain has an international licensed branch in Greenbelt, Legazpi Village in Makati City. Total revenue, which includes Shack sales and licensing revenue, increased four percent from the fourth quarter of 2019 to $157.5 million in the fourth quarter of 2020. This increase is inclusive of the favorable impact of the 53rd week in the final quarter of last year, which resulted in incremental revenue of $11.1 million. Excluding the 53rd week, total revenue in the fourth quarter 2020 decreased 3.3 percent. Total revenue has shown steady and significant improvement when compared to a decline of 17.3 percent during the third quarter. “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,” Shake Shack chief executive officer Randy Garutti said.
With much of the country still under varying degrees of lockdown, we’re pleased to report revenue in the fourth quarter of $157.5 million, with same-Shack sales improving to down 17.4 percent compared to down 31.7 percent in the third quarter 2020, according to Garutti.