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Shake Shack Inc. (SHAK) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 30, 2022

SEC Filings

SHAK Quarterly Reports

Shake Shack Inc.

CIK: 1620533 Ticker: SHAK
Exhibit 99.1


shak-img_shakeshacklogoa09a.jpg
Shake Shack Announces Fourth Quarter and Fiscal Year 2021 Financial Results
- Total Revenue in 4Q21 and FY21 of $203.3m and $739.9m respectively.
- Record System-wide Sales in 4Q21 and FY21 of $314.3m and $1.1b respectively, representing year-on-year growth of 42.5% and 47.6%, respectively excluding the impact of the 53rd accounting week in 2020.
-Same-Shack sales rose in 4Q21 20.8% vs 2020 and 2.2% vs 2019.
- 13 New Domestic Company-Operated Shack Openings in 4Q21, highlighted by our first drive-thru locations in Minnesota and Missouri.
- 36 New Domestic Company-Operated Shacks and 26 New Licensed Shacks in 2021.
 
NEW YORK, NY (Business Wire) — February 17, 2022 —
Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK), today reported financial results for the fourth quarter and the fiscal year ended December 29, 2021.
Randy Garutti, Chief Executive Officer of Shake Shack, stated, “As we look back on 2021, we remain incredibly grateful and proud of how our Shack family has continued to overcome the many challenges we've faced. We are pleased to report a strong sales comeback in the fourth quarter with record full year system-wide sales results and same-Shack sales up 2.2% versus 2019. However, our sales were impacted by the sharp increase in Omicron cases in fiscal January, causing a decline in traffic, lost hours and Shack closures. While a return to pre-COVID movement patterns remains uncertain, we are pleased to see improvement through fiscal February, with same-Shack sales up approximately 13% month to date."
Garutti continued, "We remain confident in our strategic investments around Elevating our People, Digital Transformation, Format Evolution with drive-thru, and our commitment to delivering a great guest experience with an eye towards accelerated growth. We believe that Shake Shack is positioned to manage through ongoing headwinds. With our largest development schedule ever and a healthy balance sheet to support continued investments, we believe we will exit 2022 stronger than where we started and are incredibly excited for this next chapter in the Shake Shack story."
Financial Highlights for the Fourth Quarter 2021:
Total revenue in the fourth quarter 2021 increased 29.0% to $203.3 million versus the same period last year, showing continued year-on year growth from an increase of 48.7% in the third quarter 2021. 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 2021 increased 38.8%.
Shack sales in the fourth quarter 2021 increased 28.5% to $195.9 million versus the same period last year, compared to an increase of 48.1% in the third quarter 2021. 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 2021 increased 38.1%.
Same-Shack sales(1) were up 20.8% in the fourth quarter 2021 versus the same period last year, compared to up 24.8% in the third quarter 2021. Additionally, Same-Shack sales were up 2.2% in the fourth quarter 2021 versus the same period in 2019, an improvement from down 7.3% in the third quarter 2021.
Licensing revenue in the fourth quarter 2021 increased 46.8% to $7.4 million versus the same period last year, showing continued year-on year growth from an increase of 68.3% in the third quarter 2021. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental licensing revenue of $0.4 million. Excluding the 53rd week, Licensing revenue in the fourth quarter 2021 increased 61.0%.
Shack system-wide sales in the fourth quarter 2021 increased 31.9% to $314.3 million versus the same period last year, showing continued year-on-year growth from up 53.1% in the third quarter 2021. This increase is inclusive of the favorable impact of the 53rd week in the fourth quarter 2020, which resulted in incremental Shack system-wide sales of $17.7 million. Excluding the 53rd week, Shack system-wide sales in the fourth quarter 2021 increased 42.5%.
Operating loss in the fourth quarter 2021 was $6.5 million, an improvement compared to operating loss of $12.2 million in the same period last year, but showing a decline when compared to an operating loss of $2.6 million in the third quarter 2021, as inflationary pressures impacted the business and we continue to invest in General and administrative expenses to support growth and development.
Shack-level operating profit(2), a non-GAAP measure, was $32.2 million, or 16.4% of Shack sales in the fourth quarter 2021 versus the same period last year, an improvement over a Shack-level operating profit of $29.6 million, or 15.8% of Shack sales in the third quarter 2021.
Net loss was $10.3 million in the fourth quarter 2021, compared to net loss of $20.3 million in the same period last year.
Adjusted EBITDA(2), a non-GAAP measure, was $12.4 million in the fourth quarter 2021, compared to adjusted EBITDA of $9.2 million in the same period last year.
Net loss attributable to Shake Shack Inc. was $9.7 million, or a loss of $0.25 per share in the fourth quarter 2021, compared to Net loss attributable to Shake Shack Inc. of $19.4 million, or a loss of $0.50 per share in the same period last year.


The following information was filed by Shake Shack Inc. (SHAK) on Thursday, February 17, 2022 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

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Condensed Consolidated Balance Sheets (Unaudited)
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Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
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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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Non-Controlling Interests - Changes In Ownership Interests In Sse Holdings (Details)
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Supplemental Balance Sheet Information
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Supplemental Balance Sheet Information Other Long-Term Liabilities (Details)

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Shake Shack Inc. provided additional information to their SEC Filing as exhibits

Ticker: SHAK
CIK: 1620533
Form Type: 10-Q Quarterly Report
Accession Number: 0001620533-22-000032
Submitted to the SEC: Fri May 06 2022 4:07:17 PM EST
Accepted by the SEC: Fri May 06 2022
Period: Wednesday, March 30, 2022
Industry: Retail Eating And Drinking Places

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