NEW YORK (1010 WINS) -- Shake Shack announced its plan to raise prices in March after first-quarter revenue forecasts failed to meet prior estimates.
Chief Executive Officer Randy Garutti blamed the omicron COVID-19 variant for driving diners away and causing store closures.
“Drivers of our business such as office returns, events, travelers and the general gathering of people that contribute to Shake Shack’s best results (turned) downward,” said Garruti in an earnings call, according to the New York Post.
Shake Shack forecast first-quarter earnings between $196 million and $201.4 million, falling far short of the expected $210.9 million in profits analysts earlier predicted.
The fast food chain plans on raising its prices for the second time since October, when it raised prices by 3% to 3.5%.
Shake Shack also plans to raise the price of its third-party delivery menu in a bid to recover some of its pandemic losses.
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