Shares of Shake Shack Inc. headed more than 6% lower in the extended session Thursday after the fast-casual restaurant reported a fourth-quarter loss that was greater than Wall Street expected and said the timing of a full recovery is still uncertain. Shake Shack said it lost $9.7 million, or 25 cents a share, in the fourth quarter, compared with a loss of $19.4 million, or 50 cents a share, in the year-ago period. Adjusted for one-time items, the company lost 11 cents a share in the quarter. Revenue rose 29% to $203.3 million, the company said. Analysts polled by FactSet expected a loss of 18 cents a share on sales of $203 million. Digital sales, including orders placed on the Shake Shack app, website and third-party delivery platforms, represented 42% of sales, the company said. Shake Shack guided for first-quarter revenue between $196 million and $201.4 million, and said it would not provide full-year guidance due to “uncertainty and resulting material economic impact” caused by the pandemic. “The timing of a return to pre-COVID sales levels is highly dependent upon the return of the high-traffic areas that contributed to many of the strongest Shack sales, including those most reliant on travel, schools, offices and major gatherings. The timing of that recovery remains unknown today,” it said. Shake Shack stock ended the regular trading day down 4.6%.
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