“We remain confident that we can meet or exceed our long-term unit, cash on cash return targets over time by growing sales and profitability and lowering development costs, all of which we emphasize in our strategic plan.”

In context

“es, off-premise profitability and managing controllable supply chain and other operating expenses. There's still much work to do and there is risk around the macro environment and continued cost inflation this year, but with a plan the team has put in place, we're guiding Shack-level off profit of 19% to 20% for the full year and we see the opportunity to return over 20%. Katie will share more details on the work here in a bit. Finally, the fifth pillar of our plan is we build an enduring business. We are committed to investing with discipline. We're deploying capital towards strong return -- returns in four main areas. We're going to build Shacks, update our current Shacks, invest in our digital infrastructure and structure our home office capabilities to further support our restaurants. We remain confident that we can meet or exceed our long-term unit, cash on cash return targets over time by growing sales and profitability and lowering development costs, all of which we emphasize in our strategic plan. We've got the right plan in place. We're pleased to see progress taking route. I'm now handed off to Katie to share more about the details of the quarter and expectations for the rest of the year. Katie Fogertey: Great. Good morning everyone. We are proud of our strong results this quarter that are a direct outcome of our team's solid progress on our 2023 strategic plan. We grew revenue by 25% year-over-year as our teams executed well on recent openings and drove higher sales in our existing company operated and licensed Shacks. We also showed strong improvement in our restaurant margin this quarter, expanding it by 310 basis points year-over-year to 18.3%. This is the highest first quarter restaurant profitability margin we have posted since Covid and we generated record high quarterly r”