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    Shake Shack (SHAK)

    Shake Shack Inc. is a modern fast-casual restaurant chain that specializes in serving elevated versions of classic American comfort foods. Known for its fine-casual dining experience, the company offers a menu featuring premium ingredients and a commitment to quality. Shake Shack operates both company-owned and licensed locations across the United States and internationally, bringing its unique roadside burger stand concept to a global audience.

    1. Shack Sales - Generates revenue from the sale of food, beverages, Shake Shack-branded merchandise, and gift card breakage income at domestic company-operated Shacks.

      • Menu Offerings - Includes 100% Angus beef burgers, crispy chicken sandwiches, hot dogs, crinkle-cut fries, hand-spun milkshakes, house-made lemonades, beer, and wine.
    2. Licensing Revenue - Earns revenue from licensed Shacks operated by third parties, primarily in international markets, based on a percentage of sales.

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    NamePositionExternal RolesShort Bio

    Robert Lynch

    ExecutiveBoard

    Chief Executive Officer

    Board Member at Kontoor Brands, Inc.

    CEO of Shake Shack since May 2024; previously CEO of Papa John’s and President of Arby’s; expertise in marketing, operational efficiency, and brand growth.

    View Report →

    Katherine Fogertey

    Executive

    Chief Financial Officer

    Member of the Society of Fellows for the Culinary Institute of America

    CFO of Shake Shack since June 2021; previously VP & Lead Equity Analyst at Goldman Sachs; instrumental in Shake Shack's digital evolution and financial growth.

    Ronald Palmese Jr.

    Executive

    Chief Legal Officer

    None

    Chief Legal Officer of Shake Shack; confirmed in role as of August 2024; no additional details provided in documents.

    Stephanie Sentell

    Executive

    Chief Operations Officer

    None

    COO of Shake Shack since July 2024; previously SVP of Company Operations at Inspire Brands and held leadership roles at Arby’s and Dairy Queen.

    Anna Fieler

    Board

    Director

    Board Member at QuinStreet and J.Crew Group; Founder & Partner at Madison Park Ventures

    Director at Shake Shack since December 2017; expertise in digital marketing and governance; previously CMO at PopSugar and Shutterfly.

    Charles Chapman III

    Board

    Director

    Partner at Act III Holdings; Board Member at Taymax

    Director at Shake Shack since July 2023; over 25 years of restaurant industry experience; previously CEO of Tatte Bakery & Café.

    Daniel Meyer

    Board

    Chairman of the Board

    Founder & Executive Chairman of Union Square Hospitality Group; Board Member at Olo, Madison Square Park Conservancy, and USHG Acquisition Corp.

    Chairman of Shake Shack since 2010; founder of Union Square Hospitality Group; extensive experience in hospitality and governance.

    Jeff Flug

    Board

    Director

    Chairman of the Board at Tender Green; Board Member at Pennant Park Investment Corporation and Momentous

    Director at Shake Shack since January 2010; extensive financial and leadership experience; former CFO and COO at Union Square Hospitality Group.

    Jeffrey Lawrence

    Board

    Director

    Board Member at Xponential Fitness

    Director at Shake Shack since May 2023; former CFO of Domino’s Pizza and FIGS, Inc.; expertise in financial strategy and capital markets.

    Joshua Silverman

    Board

    Director

    CEO and Board Member at Etsy; Board Member at Code Nation and Clubbed Thumb Theater

    Director at Shake Shack since November 2016; CEO of Etsy since 2017; expertise in strategic planning, sustainability, and leadership.

    Lori George

    Board

    Director

    Board Member at Pioneer Natural Resources, NAACP Foundation, and others

    Director at Shake Shack since October 2022; former Global Chief DEI Officer at Coca-Cola; expertise in diversity, equity, and inclusion.

    Sumaiya Balbale

    Board

    Director

    Chief Marketing Officer at Sequoia Capital

    Director at Shake Shack since March 2019; expertise in e-commerce and digital marketing; previously VP of E-commerce at Walmart and Jet.com.

    Tristan Walker

    Board

    Director

    Board Member at Foot Locker; Founder of CODE2040

    Director at Shake Shack since June 2020; founder of Walker & Company Brands; expertise in brand strategy and marketing.

    1. You mentioned closing nine underperforming Shacks generating $17 million in sales over the past four quarters but did not detail the cost impact; can you quantify how these closures will affect your restaurant-level margins and overall profitability?

    2. With your emphasis on strategic product innovation, are there specific gaps in your menu that you're targeting to enhance Shake Shack's relevance in the market?

    3. Despite positive traffic driven by promotions, you experienced negative mix impact; how do you plan to balance traffic growth with improving menu mix and maintaining margins over time?

    4. Do you view margin expansion as a significant opportunity for Shake Shack, and can you elaborate on your long-term plan and vision for improving margins, including any supply chain initiatives?

    5. Considering the geopolitical challenges in international markets like China and the Middle East affecting your licensed business, how do you plan to mitigate these risks and achieve your licensing revenue targets?

    Research analysts who have asked questions during Shake Shack earnings calls.

    Brian Vaccaro

    Raymond James Financial, Inc.

    4 questions for SHAK

    Also covers: BLMN, CAKE, CAVA +7 more

    Jake Bartlett

    Truist Securities

    4 questions for SHAK

    Also covers: CBRL, DENN, DIN +11 more

    Michael Tamas

    Oppenheimer & Co. Inc.

    4 questions for SHAK

    Also covers: BJRI, DENN

    Sharon Zackfia

    William Blair & Company

    4 questions for SHAK

    Also covers: BIRK, BJRI, BROS +16 more

    Brian Mullan

    Piper Sandler

    3 questions for SHAK

    Also covers: BJRI, BLMN, BROS +18 more

    Hyun Jin Cho

    Goldman Sachs

    3 questions for SHAK

    Also covers: CMG, DRI, EAT +6 more

    James Sanderson

    Northcoast Research

    3 questions for SHAK

    Also covers: CAKE, DASH, DRI +7 more

    Jeffrey Bernstein

    Barclays

    3 questions for SHAK

    Also covers: BJRI, BLMN, BROS +21 more

    Peter Saleh

    BTIG

    3 questions for SHAK

    Also covers: BYND, CHEF, DPZ +12 more

    Rahul Krotthapalli

    JPMorgan Chase & Co.

    3 questions for SHAK

    Also covers: BROS, CAKE, CAVA +8 more

    Andrew Barish

    Jefferies

    2 questions for SHAK

    Also covers: BROS, CAKE, CAVA +8 more

    Andrew Charles

    TD Cowen

    2 questions for SHAK

    Also covers: BROS, CAVA, CMG +13 more

    Brian Harbour

    Morgan Stanley

    2 questions for SHAK

    Also covers: BLMN, BROS, CAKE +20 more

    Daniel Guglielmo

    Capital One

    2 questions for SHAK

    Also covers: ARKO, CHDN, CZR +7 more

    David Tarantino

    Robert W. Baird & Co.

    2 questions for SHAK

    Also covers: ATKR, BROS, CAKE +17 more

    Jeff farmer

    Gordon Haskett Research Advisors

    2 questions for SHAK

    Also covers: BLMN, BROS, CAKE +5 more

    Lauren Silberman

    Deutsche Bank

    2 questions for SHAK

    Also covers: BLMN, CAKE, CMG +13 more

    Sara Senatore

    Bank of America

    2 questions for SHAK

    Also covers: BLMN, BROS, CAKE +18 more

    Andrew North

    Robert W. Baird & Co.

    1 question for SHAK

    Also covers: CAKE, JACK

    Christine Cho

    Goldman Sachs Group

    1 question for SHAK

    Also covers: BEP, BEPC, BLMN +21 more

    Christopher O'Cull

    Stifel, Nicolaus & Company

    1 question for SHAK

    Also covers: BROS, CAVA, CMG +13 more

    Dan Guglielmo

    Capital One Financial Corporation

    1 question for SHAK

    Also covers: ARKO, EPRT, GLPI +3 more

    Jeffrey Farmer

    Gordon Haskett Research Advisors

    1 question for SHAK

    Also covers: BLMN, BROS, CAKE +7 more

    Jim Sanderson

    Northcoast Research

    1 question for SHAK

    Also covers: CAKE, DRI, JACK +5 more

    Pratik Patel

    Barclays

    1 question for SHAK

    Also covers: BJRI, DIN, EAT +1 more

    Zachary Ogden

    TD Cowen

    1 question for SHAK

    Also covers: SG

    Recent press releases and 8-K filings for SHAK.

    Shake Shack Discusses FY 2025 Sales Drivers, Unit Growth, and Margin Expansion
    ·$SHAK
    Revenue Acceleration/Inflection
    New Projects/Investments
    Product Launch
    • Shake Shack is driving sales through a structured culinary roadmap with new LTOs (e.g., summer barbecue menu, Dubai Shake) and increased media investment, which began in August and continues into September 2025, showing desired outcomes.
    • The company is accelerating unit growth with a solid pipeline planned through 2026 and deals already signed for 2027, supported by investments in its development team and improved unit economics, including a projected 10% reduction in build costs for FY 2025.
    • Shake Shack is confident in achieving low single-digit comparable sales growth for FY 2025, with pricing contributing approximately 2%.
    • Restaurant margin expansion is projected at 50 basis points over the next three years, primarily driven by supply chain optimization and operational improvements, such as a new labor model and the establishment of a kitchen testing facility in Atlanta.
    3 days ago
    Shake Shack reiterates 2025 guidance and outlines growth strategy
    ·$SHAK
    Guidance Update
    • CFO Katherine Fogarty reaffirmed 2025 guidance and the three-year outlook targeting low to high teens adjusted EBITDA growth, low-teens revenue and unit growth, and 50 bps of annual restaurant margin expansion in 2026-27.
    • Management is accelerating unit growth, aiming for 45–50 new store openings in 2025—the largest in company history—by bolstering its development team; the 2026 pipeline is already oversubscribed.
    • A more disciplined culinary calendar of 3–4 sandwich platforms per year plus expanded beverage and sides innovation (e.g., extended Black Truffle LTO and sold-out Dubai chocolate shake) is designed to drive traffic and improve mix.
    • Margin expansion is underpinned by a bespoke labor model (delivering ~80 bps benefit), operational scorecards, and planned supply chain optimization, supporting a 22.5% restaurant margin target with 110 bps year-over-year gain in 2025.
    Jun 11, 2025, 7:46 PM
    Shake Shack Outlines Strategic Growth Initiatives at 2025 Baird Conference
    ·$SHAK
    Guidance Update
    New Projects/Investments
    Revenue Acceleration/Inflection
    • Management reaffirmed FY 2025 guidance and three-year targets, emphasizing margin expansion, improved operational KPIs, and sustainable comps growth.
    • CEO Rob Lynch and CFO Katie Bogarty outlined strategies to boost cash on cash returns through cost reductions, enhanced supply chain productivity, and accelerated restaurant innovation and development towards a 1,500+ location target.
    • Promotional tactics and differentiated brand positioning were highlighted as key drivers to increase traffic and mix improvement without sacrificing margins.
    Jun 5, 2025, 3:06 PM
    Shake Shack Q1 2025 Results: Revenue, Margin Gains & Store Expansion
    ·$SHAK
    Earnings
    Guidance Update
    Revenue Acceleration/Inflection
    New Projects/Investments
    • Q1 2025 total revenue reached $320.9 million (up 10.5% YoY) with system-wide sales of $489.4 million
    • Restaurant-level profit margins increased by 120 basis points YoY to 20.7%, the highest first quarter margin since 2019
    • Operating income was $2.8 million, net income $4.5 million, with adjusted EBITDA of $40.7 million (up 13.5% YoY)
    • Revenue breakdown: $309.8 million from Shack sales and $11.1 million from licensing revenue, with same-Shack sales growing by 0.2%
    • Expanded its network with 4 new company-operated Shacks (including two drive-thrus) and 7 new licensed Shacks, boosting geographic diversification
    • Q2 guidance projects total revenue between $346 million and $353 million, emphasizing continued investments in operational efficiency and supply chain innovation
    May 1, 2025, 12:01 PM
    Shake Shack Inc. Announces Board Restructuring
    ·$SHAK
    Board Change
    • Anna Fieler resigned from the board and the Compensation Committee after over seven years of service, effective immediately prior to the 2025 Annual Meeting.
    • The board size was reduced from 10 to 9 directors, resulting in a new composition of three Class I, three Class II, and three Class III directors.
    • The resignation was not due to any dispute with the company, ensuring a smooth transition.
    Apr 23, 2025, 12:00 AM
    Shake Shack Outlines 2025 Growth and Operational Initiatives
    ·$SHAK
    Revenue Acceleration/Inflection
    New Projects/Investments
    • Strong 2024 performance with 16 consecutive quarters of positive revenue and margin growth, setting the stage for 2025 initiatives, including 45 new company-operated Shacks and 35–40 licensed openings.
      • Aggressive expansion strategy aiming to grow to at least 1,500 domestic Shacks backed by improved development efficiency and lower build costs around $2.2 million, subject to format mix.
      • Operational enhancements have driven record margins (highest since 2018) and over $30 million in free cash flow, with optimized labor scheduling and a bolstered 37% digital mix boosting guest experience.
      • Strategic marketing and licensed growth efforts focus on combo meal tests for drive-thru efficiency and expanding licensed locations in high-traffic areas like airports, roadway locations, and international markets, including Asia and the Middle East.
    Mar 13, 2025, 2:01 PM