“We guide for both our company operated and our licensed partners to each open approximately 10 new Shacks and for same-Shack-sales to grow by low to mid single digits year-over-year with high single digit price inclusive of the 2% price increase we plan to take at the end of the second quarter.”

In context

“r share. We reported an adjusted pro-forma net loss of $290,000 or one cent per fully exchanged and diluted share. Our adjusted pro-forma tax rate, excluding the tax impact of equity based compensation was 17.2%. Finally, our balance sheet remains solid with $293.4 million in cash and cash equivalence at the end of the quarter. Now on guidance, which balances the strong underlying business factors we've seen so far in the first quarter with the degree of uncertainty around the consumer spending landscape and our current expectations for ongoing inflationary pressures, this range does not reflect any additional unknown delays to our development schedule. For the second quarter, we guide total revenue of $269.5 million to $274.8 million with $9.5 million to $9.8 million of licensed revenue. We guide for both our company operated and our licensed partners to each open approximately 10 new Shacks and for same-Shack-sales to grow by low to mid single digits year-over-year with high single digit price inclusive of the 2% price increase we plan to take at the end of the second quarter. Covid has had a larger impact on our business than many of our competitors, and its lingering impacts on consumer mobility patterns, including work from home trends, has been a challenge for us. However, even with the pressures we face and persistent inflation, we guide second quarter Shack-level operating profit margins to reach approximately 20%, marking the highest level of quarterly profitability that we have delivered since the onset of Covid. And with more consistent trends we're seeing in our business, we're able to finally re reintroduce full year guidance for many metrics. For the full year 2023, we guide total revenue of $1.06 billion to $1.11 billion, representing 18% to 23% year-over-year growth with licensing revenue of $39 million to $41 million. We expect to grow our system”