- June 17, 2021
- Posted by: Stratford Team
- Category: Business
Photo: Shutterstock
Business at Shake Shack’s licensed units and global restaurants is starting to pick up. But the non-company stores still have a way to go to bounce back to pre-pandemic levels.
So said Shake Shack CEO Randy Garutti at the recent Baird Global Consumer, Technology & Services Conference.
International and licensed restaurants make up about 40% of the New York City-based fast casual’s business, Garutti said.
“This is a part of our business where we don’t talk about it enough,” he said.
As of the end of March, Shake Shack had 22 domestic licensed restaurants and 107 international licensed locations, according to its 10-Q filing with the Securities and Exchange Commission. At that time, 16 of the licensed units were temporarily closed. A Shake Shack spokeswoman declined to provide updated store closure numbers.
Licensed revenue in Q1 was down nearly 10%, to $4.6 million, versus the same period in 2020.
Compared to Q1 2019, Shake…
