Shake Shack Q4 sales declined 17.4%, will open tens of Shaks
Topics: SHAKE SHACK
“We are pleased to see trends in the fourth quarter 2020 continue to improve with Average Weekly Sales of $62,000 compared to $58,000 in the third quarter 2020, and $45,000 in the second quarter 2020.
"Also in the fourth quarter 2020, Same-Shack sales declined 17.4% compared to down 31.7% in the third quarter of 2020, and down 49.0% in the second quarter of 2020.
"Importantly, same-Shack sales at our suburban locations were approximately flat in the fourth quarter 2020 compared to the prior year despite what remains a challenging operating environment due to COVID-19.
"We continue to transform the Shack experience by leveraging our expanded digital capabilities and the strategic investments we’ve made across our native web and app channels.
"Most recently, we've launched curbside pickup and have begun testing delivery through our Shack app at several locations in the Miami area to support a broader rollout in 2021.
"We believe these digital investments to be a critical differentiator for our business, creating the opportunity to drive greater engagement and frequency with both new and existing guests," said Randy Garutti, Shake Shack CEO.
“Looking ahead, we are targeting an acceleration of new Shack development and expect to open a total of 35 to 40 domestic Company-operated Shacks in 2021, with timing more towards the back half of the year due to COVID related volatility. We are planning to step-up unit growth for fiscal 2022 to open a total of 45 to 50 new domestic Company-operated Shacks." ■