Shake Shack CEO Randy Garutti To Retire; Affirms Q4, FY23 Outlook

(RTTNews) - Restaurant chain, Shake Shack Inc. (SHAK), Monday announced the retirement of its Chief Executive Officer Randy Garutti, upon selection of his successor in 2024. Also, it reiterated its fourth- quarter and fiscal year 2023 guidance.

The company is on the look out for Garutti's successor, Shake Shack said in a statement.

Further, the company backed its fourth-quarter and full year 2023 guidance, still seeing revenue in the range of $276.25 million to $281.75 million for fourth quarter and revenue of around $1.08 billion for full year 2023.

Analysts, on average, polled by Thomson-Reuters expect the revenue to be $240.48 million for fourth quarter, whereas its revenue estimate for fiscal year 2023 is in line with the company's outlook.

On Adjusted EBITDA front, the company expects it in the range of $125 million to $130 million for fiscal year 2023, almost 70% to 80% higher than last year.

The company projects equity-based compensation for fiscal year 2023 to be approx. $16 million.

In pre-market activity, Shake Shack's stock is climbing 2.33%, to $62.40, whereas it closed at $60.98, falling 1.20% on Friday on the New York Stock Exchange.