Shake Shack Inc. (NYSE:SHAK) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET

Company Participants

Annalee Leggett - Director of Investor Relations & FP&A

Randy Garutti - Chief Executive Officer

Katie Fogertey - Chief Financial Officer

Conference Call Participants

Jeffrey Bernstein - Barclays Capital

Michael Tamas - Oppenheimer & Co.

Jake Bartlett - Truist Securities

Drew North - Robert W. Baird & Co.

Jim Sanderson - Northcoast Research

Maggie O'Hearn - Raymond James

John Ivankoe - JPMorgan Chase & Co.

Brian Harper - Morgan Stanley

Operator

Greetings and welcome to the Shake Shack First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Annalee Leggett, Director of Investor relations and FP&A. Thank you. You may begin.

Annalee Leggett

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 on our earnings release and financial details section of our shareholder letter.

Some of today's statements may be forward looking, and actual results may differ materially to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K filed on February 23, 2023. 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 2023 Shareholder Letter, which can be found at invest.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, Annalee. Good morning, everyone. Thanks Anna, and good morning everyone. 2023 is off to a strong start with first quarter results ahead of our expectations as we grew sales, expanded margins and remain disciplined on expenses across the company, including G&A and CapEx investments. As we execute against our strategic priorities, we generated total revenue of $253 million up 25% average weekly sales of 73,000 up by more than 7% year-over-year.