“We expect to recognize 5% to 7% of this price increase and maintain a blended high single-digit price across channels into 2023.”

In context

“versus 2021 and urban traffic grew nearly 7%. Trends were notably positive coming out of Labor Day with New York City, Chicago and Washington D.C. all showing positive traffic inflections. We believe our recovery would have been stronger if mobility and namely return to office urban transit and urban tourism trends were stronger throughout the quarter. Manhattan same-Shack sales improved throughout the quarter and rose 23% year-over-year and stayed strong in October despite more challenging compares. Suburban same-Shack sales grew 2% year-over-year, lapping a positive 17% comp in the third quarter of 2021 even as we realized strong sales growth in our urban Shacks. In mid-October we raised our menu prices by 2% to 10% across price tiers to address these consistent inflationary pressures. We expect to recognize 5% to 7% of this price increase and maintain a blended high single-digit price across channels into 2023. As a reminder we raised our menu prices by approximately 3.5% in March 2022. Even with this price increase a Shack burger fries and beverage is on average under $14, well within and often priced below the cost of other lunch or dinner options nearby. Our value perception among guests remains unchanged and we continue to see strong demand for our premium LTOs. October same-Shack sales accelerated from September levels and rose 8.3% year-over-year, led by menu price and mid-single-digit traffic growth year-over-year in our urban Shacks. AWS was $73,000 up 3% from September levels. This is even as we lap the 2021 launch of Black Truffle in the middle of October and a challenging compare for our urban business. Black Truffle was one of our strongest performing LTOs that had strong guest recep”