SHAK - Shake Shack Inc. (SHAK) Q1 2024 Earnings Call Transcript
2024-05-02 10:59:09 ET
Shake Shack Inc. (SHAK)
Q1 2024 Earnings Conference Call
May 02, 2024, 08:00 AM ET
Company Participants
Michael Oriolo - VP, SP&A and IR
Randy Garutti - CEO
Katie Fogertey - CFO
Conference Call Participants
Sharon Zackfia - William Blair
Lauren Silverman - Deutsche Bank
Brian Vaccaro - Raymond James
Brian Mullan - Piper Sandler
Michael Tamas - Oppenheimer and Company
Peter Saleh - BTIG
Sara Senatore - Bank of America
Jake Bartlett - Truist Securities
Andrew Charles - Cowen and Company
David Tarantino - Baird
Andy Barish - Jefferies
Jeff Farmer - Gordon Haskett
Jim Sanderson - Northcoast Research
Presentation
Operator
Greetings. Welcome to Shake Shack's First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to Michael Oriolo, Vice President of SP&A, and Investor Relations. Thank you. You may begin.
Michael Oriolo
Thank you, and good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Randy Garutti, and CFO, Katie Fogertey. During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the Financial Details section of our shareholder letter.
Some of today's statements may be forward-looking and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K, filed on February 29, 2024. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change.
By now, you should have access to our first quarter 2024 shareholder letter, which can be found at investor.shakeshack.com in the quarterly results section or as an exhibit to our 8-K for the quarter.
I will now turn the call over to Randy.
Randy Garutti
Thanks, Mike, and good morning, everyone.
As I wind down my time as CEO of Shake Shack, I want to begin by thanking our team for another solid quarter, sustained execution of our strategic plan, and for building the strong foundation of momentum for what's ahead. This was the 13th consecutive quarter of positive Same-Shack sales, the seventh straight quarter of year-over-year restaurant-level margin expansion, and our highest first quarter restaurant margin since 2019. We achieved a record level of Q1 adjusted EBITDA overall at $35.9 million, grew total revenue by 14.7% to $290.5 million, with 1.6% growth in Same-Shack sales, an average weekly sales of 73,000.
The trailing 12-month AUV across our Shacks at $3.9 million. We grew system-wide sales by 12.3% year-over-year to $443 million as we built Shacks across new and existing markets. And while we faced weather headwinds in January and throughout the quarter, our trends steadily improved with each month and into the second quarter, ending fiscal April at 4.9% Same-Shack sales with approximately flat traffic and further showing strong ongoing momentum in the fiscal May to date as our sales and profitability initiatives take hold....
Shake Shack Inc. (SHAK) Q1 2024 Earnings Call Transcript