Shack stack price software#

Garutti attributed the positive quarter to favorable weather, new location openings, and expansion of brand awareness through new digital channels.Īs Shake Shack approaches its 15th birthday this summer, the brand is breaking out of its four walls to bring customers menu items in an unconventional setting. Same-store sales also lifted 3.6 percent. The company had its strongest traffic of the past 11 quarters as it grew 1.6 percent. By the end of the year, the material impact of Chick’n Bites will lessen.īesides the increase in food costs, Shake Shack started 2019 on a positive note. To deliver high-quality, antibiotic-free chicken, food costs will remain high, but the company expects them to even out down the road as improvements to the supply chain are made. We want to compete on quality and experience and not just on price.”Ĭomonte said beef costs have leveled out, but chicken is a high-cost item for Shake Shack. “I like us to be considering around the core menu how we can tinker at both ends of high and low pricing over time. “Even at the newer price, still below $5,” Garutti said. The initial price of $4.39 was a reduced promotional price that was used to gauge customer interest in the new product, Shake Shack’s chief financial officer Tara Comonte said. Rather than shock customers with significant increases, Shake Shack wants a sustainable strategy that will play out over years, not months.

Garutti noted the brand is looking at the long-term pricing strategy. But now the brand plans to take a 1–2 percent increase on some menu items, including the Chick’n Bites, which are increasing from an initial promotional price of $4.39 to $4.99. So far Shake Shack has been cautious of price increases. The easiest way to cushion the sharp uptick was to increase menu prices, said Shake Shack chief executive officer Randy Garutti on a May 2 conference call. Compared to this time last year, food and paper costs at Shake Shack were up 140 basis points to 29.5 percent of total revenue. The burger chains’ operating costs jumped during the last quarter due to higher food prices and delivery commission fees. However, menu prices are expected to rise, especially for chicken items, as the company tries to combat climbing operating costs.ĭuring Q1 total revenue grew by 34 percent to $132.6 million. Keep it locked on Shacknews for all the EV news you can handle.Customers are responding well to Shake Shack’s newest chicken item, Chick’n Bites, which launched as a limited-time item this past quarter. Tesla also reported some solid quarterly results last week. In other recent EV news, GM maintained its production target earlier this week. Only time will tell just how much VW has learned from its 'dieselgate' sins of the past. Volkswagen has a checkered past when it comes to manufacturing energy efficient vehicles, so today's news is a clear attempt by the company to make a new concerted effort to grow its EV footprint in one of the largest vehicle markets on Earth. We are excited about the opportunity to contribute our expertise to the strategic partnership and create value for XPENG and our shareholders.”

Shack stack price software#

Since the founding of XPENG, we have been developing full-stack technologies from EV platform to connectivity and ADAS software in house. We will share Smart EV technologies and world-class design and engineering capability with each other and learn from each other.

“The Volkswagen Group and XPENG each brings in highly complementary strengths into this long-term strategic partnership. Xpeng CEO and Chairman He Xiaopeng provided this quote in the press release: Despite a nice rise in share price today, XPEV is still down 73% from the all-time share price high set in 2020. Xpeng shares closed the day up over 28% on the news. VW's purchase price of $15/share will net the company 4.99% of Xpeng, and sets the companies up for strategic cooperation going forward. The Volkswagen press release states that these vehicles will be built 'in China for China.' The $700 million capital infusion comes at a great time for Xpeng, as shares have fallen quite a way from the $74.49/share all-time high set back in 2020. The two new VW EVs will be built on the same platform as the existing Xpeng G9 SUV. The Xpeng G9 EV SUV seen here next to a yacht. The newly created stake will net VW nearly 5% of Xpeng, and both companies have committed to working together to jointly develop two new VW-branded EVs made specifically for the Chinese market. Volkswagen announced a $700 million investment in Chinese EV maker Xpeng today.