Wasatch Global Investors, an asset management company, released its third-quarter 2025 “Wasatch Small Cap Growth Strategy” investor letter. A copy of the letter can be downloaded here. US small-cap equities rallied strongly in the third quarter. The Fed Reserve’s interest rate cut supported the rally. However, the fund-Investor Class struggled to keep up with the rally and ended the period down -3.17% vs. 12.19% gain for the Russell 2000 Growth Index. In addition, please check the fund’s top five holdings t ...

来源：美通社 上海2025年12月12日 /美通社/ -- 2025年12月12日，备受全球美食爱好者关注的Shake Shack在北京中关 村大融城迎来了全新主题门店的盛大开业。新店坐落于北京科技创新核心地带，将纽约风味的招牌汉堡 与中关村的科技氛围相融合。在这里，一场关于美食与灵感的对话悄然开启 —— 与其说这是一家餐厅 的开业，不如说是一位"新邻居"的温暖入驻。Shake Shack希望通过量身打造的灵感空间和贴心服务，成 为周边科技精英、高校学子和家庭客群日常相聚、放松交流的新聚点。 Shake Shack北京大融城店内环境 美学营造，构筑连接时空的灵感新聚点 Shake Shack北京大融城店在设计上深度融合中关村的科技文化。门店以"连接时空"为设计理念，将美学 营造融入从科技艺术到人文关怀的每个细节。 一进入店内，映入眼帘的便是一幅以人工智能为主题创作的艺术画作，巧妙呼应区域特色，为用餐空间 注入创意氛围。 Shake Shack北京大融城店内人工智能主题艺术画作 室内空间通过温暖的灯光、舒适的配色与人性化的布局，营造出精致且温馨的氛围。不仅设置了适合单 人用餐、朋友聚会等不同需求的座位分区，更在 ...

Shake Shack Inc. (NYSE:SHAK) is one of the stocks on Jim Cramer’s radar recently. A caller asked about the stock, and here’s what Mad Money’s host had to say: “Okay, this is such a great question. Now, you have to understand that Rob Lynch is doing a remarkable job, and he’s a great CEO. Here’s the problem: this stock is trading with the price of beef and cattle, went up and up and up. I think the president’s going to try to bring cattle down. I think that means you buy Shake Shack. I think it doesn’t mat ...

Summary of Shake Shack Conference Call Company Overview - Shake Shack is in a growth mode, focusing on strategic investments in marketing and restaurant openings to drive revenue and traffic [4][5][6] - The company plans to open 45 to 50 new restaurants this year, the highest number in a single year, with a target of 60 openings next year [5][6] Financial Performance - Shake Shack reported $173 million in EBITDA last year and is guiding for $213 million this year, reflecting a $40 million increase [11] - The company has maintained a disciplined pricing strategy, taking significantly less price increase compared to competitors [11][12] Operational Improvements - Shake Shack has improved operational efficiency by redeploying labor to high-volume periods, resulting in a reduction of service times by over a minute [12] - Team member retention has improved, with average turnover increasing from 90 days to 180 days [12] Marketing Strategy - The company is investing 2.5% to 2.7% of revenue in marketing, which is lower than many competitors, but is focused on targeted, digital marketing strategies in top markets [8][20] - App traffic has increased by 50%, and app downloads have doubled, which will support the upcoming loyalty platform [26] Menu Innovation - Shake Shack emphasizes high-quality ingredients and is committed to menu innovation while maintaining operational efficiency [16][17] - The company is exploring new culinary experiences and has introduced limited-time offers (LTOs) to drive excitement [18] Value Proposition - Shake Shack's pricing strategy remains below industry averages, with single-digit discounts compared to over 40% in the QSR industry [24] - The company aims to attract a broader customer base while maintaining its premium positioning [25] Regional Performance - Strong performance is noted in regions like Florida, Texas, and the Midwest, with new marketing strategies driving growth [30][31] - Shake Shack is evolving its development strategy to focus on high-growth areas outside of New York [31] Supply Chain and Equipment Innovations - The company is working on supply chain improvements and has initiated competitive sourcing to enhance quality and reduce risks [34] - New kitchen equipment is being tested to improve efficiency and service quality [36] International Expansion - Shake Shack is selective in its international partnerships, focusing on quality and customization to fit local markets [41][42] - The introduction of smaller format units is aimed at improving scalability in restrictive real estate markets [43] Conclusion - Shake Shack is strategically positioned for growth with a focus on operational efficiency, targeted marketing, and menu innovation while maintaining a strong value proposition in a competitive landscape [4][5][11][12][20][24][25]

Core Insights - Shake Shack's CFO, Katherine Fogertey, will leave the company on March 4, 2026, transitioning to a senior advisor role immediately to assist in the handover process [1] - The company is initiating a search for a new CFO and has established an Office of the CFO to ensure stability during the transition [2][3] - Shake Shack has reiterated its financial guidance for Q4 2025 and the full year, projecting total revenue growth of 16% year-on-year for 2025 [4][5][6] Financial Guidance - For Q4 2025, Shake Shack forecasts total revenue between $406 million and $412 million, with licensing revenue expected to be between $15.4 million and $15.7 million [5] - Same-Shack sales are anticipated to increase by a low single-digit percentage compared to the same period last year [5] - For the full year 2025, total revenue is projected at approximately $1.45 billion, with licensing revenue expected between $54.1 million and $54.5 million [5][6] Strategic Goals - The company maintains its guidance for adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) in the range of $210 million to $215 million for fiscal year 2025 [6] - Shake Shack's three-year targets remain unchanged, aiming for total revenue growth and system-wide unit expansion in the low-teens percentage range [6]

Core Insights - Mane Global Capital Management LP fully exited its position in Shake Shack during the third quarter, selling 570,507 shares for a net change of $80.21 million [1][2][9] Company Overview - Shake Shack Inc. operates as a leading fast-casual restaurant with a multi-channel growth strategy, combining company-owned and licensed locations to expand globally [6] - The company has over 12,800 employees and operates restaurants in the U.S. and internationally [6] - Shake Shack's revenue primarily comes from hamburgers, chicken sandwiches, hot dogs, fries, shakes, frozen custard, and beverages [8] Financial Metrics - As of November 25, 2025, Shake Shack's share price was $86.99, down 33% over the past year [3][4] - The company's market capitalization is $3.5 billion, with a trailing twelve months (TTM) revenue of $1.37 billion and a net income of $42.60 million [4] Performance Analysis - Shake Shack's share price has been volatile, fluctuating between $75 and $140 in the past year, with a nearly 40% decline since its 52-week high in August [9][10] - The company has grown its same-store sales for 19 consecutive quarters and increased its store count by 14% to 630 locations in the last quarter [10][11] - Management believes it can quadruple the number of company-owned stores over the long term [11] Investment Perspective - Shake Shack is trading at 18 times cash from operations, which could rise to 22 to 25 times free cash flow if it ceased expansion plans [11][12] - The company has achieved annual sales growth of 17% over the last five years and 15% this year, indicating potential as a growth stock at current prices [12]

Core Insights - Katherine Fogertey has resigned as CFO of Shake Shack, effective immediately, and will serve as a senior advisor until March 4 to ensure a smooth transition [1][2] - The company operates and franchises over 645 restaurants and will begin searching for a new CFO while forming an "Office of the CFO" with leaders from various financial departments [2][3] - CEO Rob Lynch acknowledged Fogertey's positive impact on the company, highlighting her contributions to strategic and financial growth [3] Financial Performance and Guidance - Shake Shack has experienced same-store sales growth every quarter since Fogertey joined in 2021 [2] - The company reiterated its guidance for Q4 and fiscal year 2025, expecting revenue between $406 million and $412 million, with licensing revenue between $15.4 million and $15.7 million [4][5] - Same-store sales growth is anticipated to be in the low single digits, with a restaurant-level operating profit margin projected at 23.3% to 23.8% [5]

So-called "value hooks†like the Big Shack burger have blurred the price boundaries in the restaurant industry. ...

Core Insights - Shake Shack's Chief Financial Officer Katie Fogertey will leave the company on March 4, transitioning to an advisory role immediately while a search for a permanent replacement begins [1][2] - The company is establishing an "Office of the CFO" to oversee financial operations during the transition, consisting of experienced leaders in various financial disciplines [2] - Under Fogertey's leadership since 2021, Shake Shack expanded significantly despite challenges such as the COVID-19 pandemic and inflation [2][3] Financial Performance - Shake Shack has seen modest same-store sales growth in the first half of 2025, with a stronger 4.9% increase in Q3, contrasting with declines faced by many fast casual brands [4] - The brand has increased advertising spending and shifted towards digital value deals to attract consumers, contributing to its same-store sales growth [3] Executive Changes - Shake Shack has undergone numerous executive changes since appointing Rob Lynch as CEO, including hiring a new chief operations officer and creating new marketing positions [5] - Recent appointments include Jamie Griffin as chief people officer and the first chief brand officer [6]

Core Insights - Madison Small Cap Fund experienced a challenging third quarter in 2025, with the fund down 1.3%, underperforming its benchmarks due to stock selection and a speculative market environment [1] Fund Performance - The Madison Small Cap Fund's performance was significantly impacted by a broad-based decline in the small-cap index [1] - The fund's top five holdings are highlighted as key picks for 2025 [1] Shake Shack Inc. Analysis - Shake Shack Inc. (NYSE: SHAK) reported a one-month return of -8.87% and a 52-week loss of 31.96%, closing at $83.70 per share with a market capitalization of $3.573 billion on November 20, 2025 [2] - The fund noted that Shake Shack's performance was affected by aggressive analyst expectations and concerns about the job market, which could impact future customer traffic [3] - Despite the challenges, the long-term outlook for Shake Shack remains positive, with potential for improved store-level margins [3] Financial Performance - Shake Shack Inc. reported total revenue of $367.4 million in Q3 2025, reflecting a year-over-year increase of 15.9% [4] - The company is not among the top 30 most popular stocks among hedge funds, with a decrease in hedge fund holdings from 39 to 34 [4]