Shake Shack Inc at ICR Conference (Virtual) Transcript
Good morning and thank you for joining us this morning for day 2 of the 2022 ICR conference. My name is Jeff Bernstein, and I'm the restaurant and food service distribution analyst at Barclays.
I'm thrilled to introduce the next presenting company, Shake Shack. With us this morning, from their New York City offices, we have Randy Garutti, CEO; and Katie Fogertey, CFO. By way of background, for those not familiar, Shake Shack is a fast-casual chain with 200 or so company-operated units in the US, while licensing an additional 20-plus inside and 120-plus outside the US. Shack delivered 19% unit growth in 2021 and likely to accelerate to 20%-plus in 2022 on the path to 450 US company-operated units, long term.
As for current trends, we wanted to highlight Shack provided a 4Q 2021 business update this morning, with sales, comps, and margins all above expectations, and, not surprisingly, noting a challenge in recent weeks with staffing and operating hours due to the sharp increases in COVID. And they expect that trend to continue, similar to most
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