Stormy weather, 'sluggish' spending push MTY Food Group's Q1 profits, revenue down [BNN Bloomberg (Canada)]
Shake Shack, Inc. Class A (SHAK)
Last shake shack, inc. class a earnings: 2/24 04:05 pm
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Source: BNN Bloomberg
The Montreal-based restaurant owner, whose collection of brands includes Thai Express, Manchu Wok, Mucho Burrito and Cold Stone Creamery, reported a profit of $17.3 million or 71 cents per diluted share for the quarter ended Feb. 29. The result was down from a profit of $18.4 million or 75 cents per diluted share a year earlier. "First-quarter results were adversely affected by extreme weather, primarily in January and the first two weeks of February," MTY chief executive Eric Lefebvre told analysts on a Friday call. "Extreme cold temperatures throughout most of North America caused significant downward pressure on our system sales, especially to the frozen treats portion of our quick-serve restaurants, while poorly timed snowstorms affected sales in the northeast portion of our portfolio." He noticed the bad weather meant people in many of MTY's key markets were "more or less sheltering in place" and not interested in seeking out some of the company's more sun-suitable offer
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