In a regulatory filing, Shake Shack stated that the company “regularly evaluates its portfolio of Company-owned and operated Shack restaurants. As a result, it has identified locations that are underperforming at the Shack level in part due to changes in the trade area and, in some cases, are negatively impacting other Shacks within their proximity by cannibalizing sales.” The company added: “The Company’s overall growth and strategic priorities have not changed as a result of the announced Shack closures, including our previously disclosed expectations for Shack openings in FY 2024 and beyond. The Company is reaffirming its fiscal third quarter 2024 and full-year 2024 guidance as set forth in the Shareholder Letter dated August 1.”
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