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Shake Shack aims to massively expand its popular burger chain.
The company raised its goal for company-operated restaurants in America to “at least” 1,500 over the long term, Shake Shack revealed Monday.
This would represent an increase of almost 356% over the number burger restaurants currently working in the USA
Shake Shack is an American fast casual restaurant serving a variety of burgers, hot dogs, fries, chicken nuggets, sandwiches, soft serves and more. ( / iStock)
Its U.S. footprint included 329 company-operated locations at the end of fiscal 2024, Shake Shack said. The hamburger chain is also available outside of America, with more than 200 restaurants spread across numerous international markets.
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“Since the company’s inception in 2004, Shake Shack has been on a continuous journey of expanding how we bring enlightened hospitality to our guests and uplift our team members and our community. We are proud to announce that we ended FY 2024 with 329 company-operated Shacks with significant improving our profitability and returns,” said CEO Rob Lynch. “However, we believe that we are just getting started and that we see enough runway for growth ahead of us.”
A paper-wrapped tomato and lettuce cheeseburger at Shake Shack, Walnut Creek, Calif., on August 25, 2024. (Smith Collection/Gado/Getty Images)
The new figure would be a big jump from 450-restaurant a long-term goal that Shake Shack also set out when it went public a decade ago.
Shake Shack told FOX Business it is “looking at 20 priority markets and growing more in its existing regions.”
Shake Shack also said Monday that over the next three years, it believes it can achieve total revenue growth in the “low-teens percent” and adjusted EBITDA growth “in the low- to mid-teens percent range.”
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The burger chain said it expects total revenue of $1.45 billion to $1.48 billion and adjusted EBITDA of $200 million to $210 million for fiscal 2025, according to the release.
Passengers eat at the Shake Shack restaurant in Terminal A at Newark Liberty International Airport on September 28, 2024 in Newark, New Jersey. (Gary Hershorn/Getty Images)
“Our guidance for 2025 and our outlook for the next three years represent some of the greatest growth in the restaurant industry as we invest and execute on our strong long-term opportunities ahead,” said CFO Katie Fogertey.
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It aims to open about 45 company-operated and 35-40 licensed locations during 2025, according to Shake Shack.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHAK | SHAKE FIST | 121.51 | -6.97 |
-5.43% |
At the end of 2023, the company employed almost 12,200 people.
