Shake Shack shares tumble 30% after $290,000 quarterly loss
Business
Shake Shack's stock dropped 30% on Thursday after the burger chain posted a quarterly loss of $290,000, quite a swing from last year's $4.25 million profit.
Even though sales grew 14.3% to $367 million, that still didn't meet what Wall Street was hoping for.
Shake Shack names Michelle Hook CFO
CEO Rob Lynch said tough weather early this year, higher beef costs, and fewer tourists in big cities like New York all hurt business at busy locations.
To help turn things around, Shake Shack just brought in Michelle Hook, a Domino's Pizza veteran, as its new chief financial officer.