The following is a summary of the Shake Shack Inc. (SHAK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Shake Shack reported Q1 total revenue of $290.5 million, up by 14.7% from last year.

• Adjusted EBITDA was $35.9 million, a 30.2% growth from last year.

• Restaurant level profit was $54.7 million, a 120 basis points improvement compared to last year.

• System-wide sales reached a record $443 million for the quarter, a 12.3% increase YoY.

• Projected total revenue for Q2 stands between $308.9 million to $314.3 million, representing a 13.6% to 15.6% YoY increase.

• Licensing revenue was estimated between $10.9 million and $11.3 million.

• Shake Shack's total revenue for Q1 2024 is expected to range from $1.22 billion to $1.25 billion, indicating a 12% to 15% growth YoY.

Business Progress:

• Eight new outlets were opened in the quarter under review, the company aims to open around 80 new Shacks this year.

• Around half the restaurants managed to reduce wait times by a minimum of 15 seconds compared to last year.

• Improvements in customer service, service speed, and product standardization are part of the company's focus areas.

• Significant investments are being made in marketing initiatives and employee retention and career growth.

• Operational improvements are expected to strengthen restaurant margins.

• Shake Shack forecasts an increase in system-wide sales to $2 billion in 2024 under Randy Garutti's leadership.

• Plans are ongoing for developing marketing and advertising strategies, focusing on brand campaigns and promotions.

• The company looks forward to launching a new outlet in Canada and Pittsburg as its next major market.

More details: Shake Shack IR

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