Shake Shack stock surges 20% on fourth-quarter profit, strong 2024 outlook

Group 1 - The stock of Shake Shack reached a new 52-week high of $95.80, increasing over 50% in the last twelve months [1] - For the last three months of 2023, Shake Shack reported a net income of $6.8 million, a significant improvement from a loss of $8.1 million the previous year [1] - Earnings per share for the last quarter of 2023 increased to a profit of 15 cents from a loss of 20 cents year-over-year [1] Group 2 - Shake Shack's revenue for the last quarter of 2023 was $286.2 million, exceeding expectations of $280.3 million, representing a 20% year-over-year increase [1] - For 2024, Shake Shack anticipates total revenue growth of 11% to 15% and plans to open 80 new restaurants, aiming for nearly 600 locations in total [2] - CEO Randy Garutti highlighted the company's positive traffic and successful sales strategies in the fourth quarter, indicating strong growth and margin expansion for 2024 [2]