Shake Shack Provides a Business Update as Sales Plunge 70%
Roadside burger chain Shake Shack (NYSE: SHAK) updated investors on the effect of the COVID-19 pandemic on its business on Thursday, while also providing details on its immediate financial condition.
The company noted that nine of its company-operated units are completely closed (out of 280 stores), while the rest are "relying solely on to-go and delivery orders." Excluding the temporarily shuttered units, domestic restaurants are seeing sales declines of 50% to 90% and are averaging a 70% drop in business against the same period last year. Shake Shack reported that its international licensed stores are also experiencing dramatic sales erosion.
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Source Fool.com
