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Shake Shack CEO Randy Garutti will be retiring from his role in 2024. Shake Shack (SHAK) is planning to keep Garutti on as an advisor until the end of 2024 to transition the company's new CEO.
Shares of the upscale burger chain are on pace for their best year on record.
Shake Shake Inc.'s stock SHAK, -1.20% was down by 1% in premarket trading on Monday after it said it's launching a search with consultant Korn Ferry for a new chief executive because Randy Garutti plans to retire in 2024 after 20 years at the milk shake and burger chain. Shake Shack said it will retain Garutti as an advisor following his work as chief executive through the end of 2024 in order to “ensure a proper transition.
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Shake Shack's 3Q23 results show sustained margin improvement initiatives are working and build costs are expected to decrease. Same-store sales grew 2.3% driven by price, offset by traffic and mix. I expect SHAK to continue trading at the current valuation when compared to peers.
We have narrowed our search to five restaurant stocks that have strong growth potential for the rest of 2023. These are: TAST, WING, CHUY, FWRG, SHAK.
Wall Street Analysts See a 25.71% Upside in Shake Shack (SHAK): Can the Stock Really Move This High?
The average of price targets set by Wall Street analysts indicates a potential upside of 25.7% in Shake Shack (SHAK). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
Shake Shack, the fast-casual restaurant chain, has had success with its use of kiosks. These self-service ordering stations have helped the company reduce labor hours and proven to be a high-margin channel, contributing to improved profitability.
While the top- and bottom-line numbers for Shake Shack (SHAK) give a sense of how the business performed in the quarter ended September 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Shake Shack Inc. (NYSE:SHAK ) Q3 2023 Earnings Conference Call November 2, 2023 8:00 AM ET Company Participants Michael Oriolo – Senior Director-FP&A and Investor Relations Randy Garutti – Chief Executive Officer Katie Fogertey – Chief Financial Officer Conference Call Participants Brian Vaccaro – Raymond James Katherine Griffin – Bank of America Jim Sanderson – Northcoast Research Jeff Farmer – Gordon Haskett Brian Harper – Morgan Stanley Sharon Zackfia – William Blair Jake Bartlett – Truist Securities Michael Tamas – Oppenheimer David Tarantino – Baird Brian Mullan – Piper Sandler Anisha Datt – Barclays Operator Greetings and welcome to the Shake Shack Third Quarter 2023 Earnings call. At this time, all participants are in a listen-only mode.