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Shake Shack Inc. (SHAK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Shake Shack Inc.

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CIK: 1620533 Ticker: SHAK
Exhibit 99.1

 shak-img_shakeshacklogoa161.jpg

Shake Shack Announces First Quarter 2021 Financial Results
–Total Revenue Increased 8.5%, to $155.3 million, Compared to First Quarter 2020
–Same-Shack Sales Up 5.7% Compared to Same Period Last Year; Fiscal April Up 86%
–Average Weekly Sales Show Significant Improvement, Exiting First Quarter 2021 at $68,000 in Fiscal March
–Digital Channels Maintain 90% Sales Retention In Fiscal April Versus Fiscal January as in-Shack Sales Grow Incrementally; Company Owned App & Web Sales Grew ~230% YoY in First Quarter 2021


NEW YORK, NY (Business Wire) — May 6, 2021 —
 Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) today reported its financial results for the first quarter ended March 31, 2021, a period that included 13 weeks.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “Spring has ushered in a great energy around the country and in our hometown of New York City. With COVID cases stabilizing and more regions steadily loosening restrictions, we are optimistic that improving trends can continue for our industry."

Garutti continued, “In the first quarter and so far through fiscal April, the positive momentum of our financial recovery continued. Total revenue was $155.3 million in the first quarter, up 8.5% from last year, with average weekly sales improving to $64,000 compared to $62,000 in the fourth quarter 2020. We exited the first quarter 2021 with fiscal March average weekly sales of $68,000, and moving into the second quarter 2021, fiscal April improved slightly to $69,000. We know that the return of business traffic, events and tourism to cities like NYC, Chicago and LA will be key to our full recovery. During the first quarter, we opened 10 domestic Company-operated Shacks and have opened another 5 so far in the second quarter, with one to three more through the end of the quarter – for a total of 16-18 openings by the mid-year point. Although our rate of recovery and development plans continue to be impacted by the ongoing uncertainty due to COVID, we are targeting to open between 35 and 40 new Company-operated Shacks this year in both urban and suburban markets. We continue to guide to an accelerated development plan in fiscal 2022 of 45 to 50 Shacks.

Average weekly sales for the 2021 class in the first quarter have been strong at $79,000 per week, more than 20% higher than the rest of the system average, showing how significant the sales opportunities are for new Shack openings now and in the future. Shack Track digital convenience leads, with about a third of the class featuring walk-up windows, about 10% with a drive-up window and many other Shacks featuring curbside and/or an enhanced interior pickup experience."

Financial Highlights for the First Quarter 2021:

▪Total revenue in the first quarter 2021 increased 8.5% to $155.3 million versus the same period last year.
▪Shack sales in the first quarter 2021 increased 9.1% to $150.7 million versus the same period last year. Total Shack sales improved further in fiscal April with an increase of 171% versus the same period last year.
▪Same-Shack sales1 improved to up 5.7% in the first quarter 2021 versus the same period last year. In fiscal April, Same-Shack sales continued to recover, with an increase of 86% versus the same period last year.
▪Licensed revenue in the first quarter 2021 decreased 9.9% to $4.6 million versus the same period last year.
▪Shack system-wide sales in the first quarter 2021 increased 3.0% to $228.3 million, versus the same period last year.
▪Operating loss in the first quarter 2021 was $10.0 million compared to an operating loss of $0.8 million in the same period last year.
▪Shack-level operating profit2 decreased 14.3% to $22.6 million, or 15.0% of Shack sales in the first quarter 2021, versus the same period last year.
▪Net income was $0.6 million and adjusted EBITDA2 was $7.1 million in the first quarter 2021, compared to a net loss of $1.1 million and adjusted EBITDA of $14.3 million in the same period last year.
▪Net income attributable to Shake Shack Inc. was $1.3 million and adjusted pro forma net income2 was $1.8 million, or $0.04 per fully exchanged and diluted share in the first quarter 2021, compared to net loss attributable to Shake Shack Inc. of $1.0 million and adjusted pro forma net income of $0.8 million, or $0.02 per fully exchanged and diluted share, in the same period last year.
▪Net system-wide Shack openings, comprised of nine net domestic Company-operated Shacks and one net licensed Shack.
▪Cash and marketable securities on hand was $415.9 million as of March 31, 2021.

The following information was filed by Shake Shack Inc. (SHAK) on Thursday, May 6, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Income (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows
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Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Supplemental Cash Flow Information
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Supplemental Cash Flow Information (Tables)
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Commitments And Contingencies (Details)
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Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
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Equity-Based Compensation - Schedule Of Compensation Expense Recognized (Details)
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Fair Value Measurements - Assets Measured On A Recurring Basis (Details)
Fair Value Measurements - Other Income From Available For Sale Securities (Details)
Income Taxes
Income Taxes - Narrative (Details)
Lease Cost (Details)
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Leases Schedule Of Accounting Pronouncements (Details)
Nature Of Operations
Nature Of Operations (Details)
Non-Controlling Interests
Non-Controlling Interests (Tables)
Non-Controlling Interests - Changes In Ownership Interests In Sse Holdings (Details)
Non-Controlling Interests - Narrative (Details)
Non-Controlling Interests - Ownership Interest In Sse Holdings (Details)
Non-Controlling Interests Non-Controlling Interests - Redemption Of Llc Interests (Details)
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Revenue - Narrative (Details)
Revenue - Schedule Of Disaggregation Of Revenue (Details)
Revenue - Schedule Of Respective Liability Balances (Details)
Revenue - Schedule Of Revenue Recognized (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Balance Sheet Information Other Long-Term Liabilities (Details)
Ticker: SHAK
CIK: 1620533
Form Type: 10-Q Quarterly Report
Accession Number: 0001620533-21-000052
Submitted to the SEC: Fri May 07 2021 4:06:46 PM EST
Accepted by the SEC: Fri May 07 2021
Period: Wednesday, March 31, 2021
Industry: Retail Eating And Drinking Places

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