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USA - Shake Shack: How a NY hot dog cart turned into burger chain that generated $286 million in 2023: Yahoo Finance
4 May 2024
Roadside burger chain Shake Shack (SHAK) may have just gone public in 2015, but it has been one of the fastest-growing fast-food chains for the past 20 years.
In 2023, Shake Shack generated over $286 million in total revenue, up 20% year-over-year. Let's take a look at the company's biggest moments with Beyond the Ticker.
2001
It started as a hot dog cart, operated by restauranteur Danny Meyer in New York's Madison Square Park.
2004
That turned into a permanent location – where it added more menu items like burgers, fries, frozen custard, and those famous milkshakes.
2010
Meant to be a single location, there was an appetite for expansion. By 2010, two more locations were added in New York. One in the Upper West Side, and the second in the home to the New York Mets, Citi Field.
2015
On January 29, 2015, Shake Shack went public via initial public offering (IPO) on the New York Stock Exchange (NYSE) at $21 per share.
2017-2024
From there, the burger chain only continued to grow – expanding its digital platforms, partnering with third-party delivery service providers like Uber Eats (UBER), adding kiosks to stores, and even drive-thru's.
2024
This year at roughly 90 US locations, it’ll now be using Carbon Neutral Whole Milk, after it expanded its partnership with US-based carbon-neutral food company, Neutral Foods.
In March, the company announced that CEO Randy Garutti would step down after a 20-year run. Rob Lynch, the current CEO of Papa John's, will be named the next CEO, effective May 20, 2024.
And Shake Shack continues to make its mark on the fast-food, fast-casual industry, with 530 locations across the globe and growing.
From tech giants to retail titans, Beyond the Ticker is a historical series that takes a deep dive into some of Wall Street's trending companies and how they transformed into the financial icons they are today.
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