Shake Shack shares shook by sales shock, sliding 30%
Entertainment
Shake Shake’s shares tumbled 30% on Thursday after it blamed disappointing financial results on bad weather, high beef prices and tourism declines. The Big Apple-based burger chain missed Wall Street’s estimates for sales and profits in the quarter ended April 1, losing $290,000 compared to last year when it posted a $4.25 million profit. Revenues rose by 14.3% to $367 million, but Wall Street had expected $371 million. Bitter cold and rainy weather in January and March kept diners away,
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