Shake Shack Posts Bigger-Than-Expected Loss
Shake Shack Inc has posted a bigger-than-expected quarterly loss.
The company's same-store sales fell by approximately 49% in the second quarter ended June 24, compared with the average analyst estimate of a 43.8% decline.
Loss Per Share
Excluding items, Shake Shack posted a loss of 45 cents per share, compared with estimates for a loss of 37 cents, according to IBES data from Refinitiv.
June 24 To July 22 Same-Store Sales
Shake Shack said that same-store sales fell by 39% between June 24 and July 22.
Suburban Vs. Urban
Shake Shack's suburban restaurants in the US outperformed those in urban areas during the period, and it expects the trend to continue as long as the pandemic rages on, with some of its bigger markets such as New York, Chicago and Los Angeles, expected to remain under pressure.