“So, again, sitting here today in February, we have no plan to take new price. We'll look at something as we see how inflationary pressures do or do not continue to persist at high levels. We expect they're going to persist at some level here this year”

In context

“open-minded about taking more price in 2023 as you mentioned with the beef prices that potentially could revert higher later this year. Can you talk about what gives you confidence that you guys have further pricing power, just given well-documented trade-down across the fast-casual industry and the quick service? Randy Garutti: Yes. I think it's something we got to be cautious about and we're watching very closely as every company is. We've probably taken less prices than many others, certainly of our competitors in fast-casual and even fast-food as a percentage over this last few years. I think we've been more cautious and we want to remain that way. That's true to every way we thought about Shake Shack since the beginning of time here. Yet, we have to make sure we protect our margins. So, again, sitting here today in February, we have no plan to take new price. We'll look at something as we see how inflationary pressures do or do not continue to persist at high levels. We expect they're going to persist at some level here this year, but I don't think anybody knows and we got to make sure that we're providing the great value that we always have. And then, we're also going to lean into all the strategic planning that we talked about today, making sure we're executing on our operations, hospitality, and the premium nature of Shake Shack that provides good value. So, it will be something we watch. I think if we look at the evidence so far, we feel pretty good about the trends that we see generally in our average order values, in our items per check, and the kind of things that we track to look at how people are looking at it, our value scores overall, been very consistent. But I think it's -- everyone's living in a pressured inflationary environment and we got to be there. Who are we not going to be? We're not going to”