Shake Shack Inc. (NYSE:SHAK) Q3 2022 Earnings Conference Call November 3, 2022 8:00 AM ET

Company Participants

Annalee Leggett - Senior Manager-Investor Relations & FP&A

Randy Garutti - Chief Executive Officer

Katie Fogertey - Chief Financial Officer

Conference Call Participants

Nicole Miller - Piper Sandler

Michael Tamas - Oppenheimer

Sharon Zackfia - William Blair

Jake Bartlett - Truist Securities

Jeff Farmer - Gordon Haskett

Andy Barish - Jefferies

Chris O'Cull - Stifel

Brian Vaccaro - Raymond James

Jeffrey Bernstein - Barclays

Drew North - Baird

John Ivankoe - JPMorgan

Operator

Greetings, and welcome to Shake Shack Third Quarter 2022 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, Senior Manager of Investor Relations and FP&A. Thank you, ma'am. 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 an 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 quarterly 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 18, 2022. 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 third quarter 2022 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, Annalee. Good morning everyone. We are pleased today with our third quarter results, especially noting stronger-than-expected sales exiting September, a trend that's continued into October. We delivered total revenue growth of over 17% year-over-year to nearly $228 million, with system-wide sales up more than 18% to over $353 million. Average weekly sales outperformed seasonality at 73,000, as we've maintained a trailing month AUV of $3.8 million.