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Shake Shack Inc. (SHAK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 30, 2020

Shake Shack Inc.

CIK: 1620533 Ticker: SHAK
Exhibit 99.1


shak-img_shakeshacklogoa091.jpg
Shake Shack Announces Fourth Quarter and Fiscal Year 2020 Financial Results
- Suburban Same-Shack Sales Improved From Down 16% in the Third Quarter 2020, to Nearly Flat in the Fourth Quarter 2020, Exiting the Fiscal Year with Positive Year-on-Year Growth
- Sales for Company-Owned Digital Channels Continued Strong Growth Through the Third Week of Fiscal February 2021, up ~300% Year to Date Compared to Prior Year
- 35-40 New Domestic Company-Operated Shack Openings Planned for 2021 with Unit Development Targeted to Accelerate to 45-50 Openings in 2022
 
NEW YORK, NY (Business Wire) — February 25, 2021 —
Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK), today reported financial results for the fourth quarter and the fiscal year ended December 30, 2020, periods that included 14 and 53 weeks, respectively, as fiscal 2020 contained an additional operating week compared to fiscal 2019.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “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. 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% compared to down 31.7% in the third quarter 2020. Looking at fiscal 2021, we were encouraged to see recovery momentum continue with same-Shack sales in fiscal January 2021 down only 5%, and with suburban Shacks delivering growth of 8% compared to last year. The first few weeks in fiscal February have been impacted by the cold weather and snowstorms across many parts of the country, with same-Shack sales down around 16% through the 17th of the fiscal month. We're just a few short weeks away from turning the dial on a full year of COVID impact, and beginning to compare against the hardest hit sales months of last year. Looking forward, our digital channels will continue to represent a sizeable opportunity for us to acquire new guests and we are focused on exciting new limited-time menu offerings and culinary collaborations.”

Garutti continued, “We are excited to accelerate unit growth and will be targeting between 35 and 40 new domestic Company-operated Shacks this year, while ramping up to 45 to 50 in fiscal 2022, representing in total, about a 45% increase to our year-end 2020 domestic Company-operated Shack count over the next two years. We believe we are uniquely positioned to exit this challenging period stronger and with greater opportunity than where we started. We have laid out a robust and accelerated development pipeline for fiscal 2021 and 2022, which will capture great real estate opportunities while encompassing our new Shack Track, curbside and drive-thru experiences. Additionally, we expect to open 15 to 20 new licensed Shacks in fiscal 2021 and 20 to 25 new licensed Shacks in fiscal 2022.”


Financial Highlights for the Fourth Quarter 2020:
Total revenue in the fourth quarter 2020 increased 4.0% to $157.5 million versus the same period last year, showing sequential improvement when compared to a decline of 17.3% in the third quarter 2020. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental revenue of $11.1 million. Excluding the 53rd week, total revenue in the fourth quarter 2020 decreased 3.3%.
Shack sales in the fourth quarter 2020 increased 4.6% to $152.5 million versus the same period last year, showing sequential improvement when compared to a decline of 17.1% in the third quarter 2020. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack sales of $10.7 million. Excluding the 53rd week, Shack sales in the fourth quarter 2020 decreased 2.8%.
Same-Shack sales1 continued to sequentially improve every month since fiscal April 2020, down 17.4% in the fourth quarter 2020 versus the same period last year, compared to down 31.7% in the third quarter 2020. In fiscal January 2021, same-Shack sales continued to recover, with a decline of 5% versus the same period last year. During the first three weeks of fiscal February 2021, same-Shack sales decreased to down 16%, impacted by severe winter weather. Within same-Shack sales:
Suburban same-Shack sales were approximately flat during the fourth quarter 2020 versus the same period last year, compared to down 16% in the third quarter 2020, improving to up 8% in fiscal January 2021. During the first three weeks of fiscal February 2021, suburban same-Shack sales decreased to down 4%.
Urban same-Shack sales were down 31% during the fourth quarter versus the same period last year, compared to down 43% in the third quarter 2020, improving to down 17% in fiscal January. During the first three weeks of fiscal February 2021, urban same-Shack sales decreased to down 27%. Furthermore, Manhattan was down 49% during the fourth quarter 2020 versus the same period last year, compared to down 60% in the third quarter 2020, and improving to down 38% in fiscal January 2021.
Licensed revenue in the fourth quarter 2020 decreased 10.6% to $5.0 million versus the same period last year, showing sequential improvement when compared to a decline of 23.8% in the third quarter 2020. This decrease is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental licensed revenue of $0.4 million. Excluding the 53rd week, licensed revenue in the fourth quarter 2020 decreased 17.7%.


The following information was filed by Shake Shack Inc. (SHAK) on Thursday, February 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Shake Shack Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Income (Loss)
Consolidated Statements Of Stockholders' And Members' Equity
Schedule I: Condensed Financial Information Of Registrant - Notes To Financial Statements (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Cash Flows (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Comprehensive Income (Loss) (Details)
Schedule I: Condensed Financial Information Of Registrant - Statements Of Income (Loss) (Details)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Details)
Selected Quarterly Financial Data (Unaudited) (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Schedule Of Accounts Receivable (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Debt
Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details) (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Narrative (Details)
Equity-Based Compensation - Schedule Of Compensation Expense Recognized (Details)
Equity-Based Compensation - Schedule Of Fair Value Of Stock Options (Details)
Equity-Based Compensation - Schedule Of Stock Options (Details)
Equity-Based Compensation - Summary Of Performance And Restricted Stock Activity (Details)
Equity-Based Compensation -Asdf (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Cash, Cash Equivalents And Marketable Securities (Details)
Fair Value Measurements - Schedule Of Afs Sold (Details)
Fair Value Measurements - Schedule Of Income For Afs Securities (Details)
Geographic Information
Geographic Information (Details)
Geographic Information (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Income Taxes - Schedule Of Components Of Income Before Income Taxes (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Details)
Income Taxes- Schedule Of Deferred Tax Assets And Liabilities (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Details)
Leases
Leases (Tables)
Leases - Future Minimum Lease Payments (Details)
Leases - Lease Cost (Details)
Leases - Narrative (Details)
Nature Of Operations
Nature Of Operations - Organization And Nature Of Operations - Franchiser (Details)
Nature Of Operations - Organizational Transactions (Details)
Nature Of Operations - Secondary Offering (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Narrative (Details)
Non-Controlling Interests - Ownership Interest In Sse Holdings (Details)
Non-Controlling Interests - Schedule Of Non-Controlling Interest (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Details)
Related Party Transactions - Schedule Of Related Party Transactions (Details)
Revenue (Notes)
Revenue (Tables)
Revenue Contract Balances (Details)
Revenue Disaggregation Of Revenue (Details)
Revenue Liability (Details)
Revenue Narrative (Details)
Schedule I: Condensed Financial Information Of Registrant
Schedule I: Condensed Financial Information Of Registrant - Balance Sheet (Details)
Schedule Ii: Valuation And Qualifying Accounts
Schedule Ii: Valuation And Qualifying Accounts (Details)
Stockholder's Equity
Stockholder's Equity (Details)
Stockholder's Equity (Tables)
Stockholder's Equity - Redemption Of Llc Interests (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Advertising (Details)
Summary Of Significant Accounting Policies - Basis Of Presentation (Details)
Summary Of Significant Accounting Policies - Leases (Details)
Summary Of Significant Accounting Policies - Other Assets (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Segment Reporting (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Ticker: SHAK
CIK: 1620533
Form Type: 10-K Annual Report
Accession Number: 0001620533-21-000027
Submitted to the SEC: Fri Feb 26 2021 5:05:11 PM EST
Accepted by the SEC: Fri Feb 26 2021
Period: Wednesday, December 30, 2020
Industry: Retail Eating And Drinking Places

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