Shake Shack Inc (NYSE: SHAK) is trading higher Tuesday morning after the company provided preliminary fourth-quarter and full-year 2021 financial results.
Fourth-quarter revenue totaled $203.3 million, which is above the estimate of $197.9 million and represents an increase of 29% year-over-year.
Full-year revenue came in at $739.9 million versus the estimate of $734.5 million, representing an increase of 41.5% year-over-year.
Shake Shack said same-store sales were up 20.8% in the fourth quarter and 24.2% for the year.
“While we are pleased by the fourth quarter, we also saw our operating hours drop in the last week of FY21 and the first two weeks of FY22 as a sharp increase in COVID cases had an impact on our ability to staff and keep all of our restaurants fully open,” said Katie Fogertey, CFO of Shake Shack.
“We expect these trends to continue to impact sales in our Company-owned Shacks and our licensed business,” she added.
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Shake Shack is set to present at the ICR Virtual Conference today.
SHAK Price Action: Shake Shack has traded as low as $65.25 and as high as $138.38 over a 52-week period.
The stock was up 8.41% at $74 at time of publication.
Photo: Jonathan Lin from Flickr.
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