Shake Shack Inc. (NYSE:SHAK) Q2 2022 Earnings Conference Call August 4, 2022 8:00 AM ET

Company Participants

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

Randy Garutti - Chief Executive Officer

Katie Fogertey - Chief Financial Officer

Conference Call Participants

Michael Tamas - Oppenheimer

Nicole Miller - Piper Sandler

Jared Garber - Goldman Sachs

Jake Bartlett - Truist Securities

Jeff Farmer - Gordon Haskett

Brian Vaccaro - Raymond James

Andy Barish - Jefferies

Chris O'Cull - Stifel

Drew North - Baird

John Ivankoe - JPMorgan

Operator

Greetings. Welcome to Shake Shack's Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

I will now turn the conference over to Annalee Leggett, Senior Manager of Investor Relations in 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 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 second 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, and good morning, everyone. We're really pleased with the second quarter performance and how our team is navigating this moment of persistent inflation and an uncertain consumer spending environment. Against this backdrop, the team delivered total revenue growth of 23% year-over-year to over $230 million, with total system wide sales up 25% to over $351 million. Average weekly sales across the country continued to strengthen, rising 12% quarter-over-quarter to $76,000 with the trailing 12-month a AUV of $3.8 million.