Shake Shack is seeing ‘significant’ increases in beef prices as coronavirus leads to plant closures
A person wearing a protective glove holds a bag outside Shake Shack during the coronavirus pandemic on April 20, 2020 in New York City.
Noam Galai | Getty Images
“Over the last month, we’ve seen significant increases in beef, with the largest increase being realized over the last week,” CFO Tara Comonte told analysts on the company’s conference call disclosing first quarter earnings.
Shake Shack uses fresh ground beef in its burgers and touts the quality of its meat to attract consumers. Comonte said that chicken and pork prices are more predictable because the burger chain has pricing agreements in place.
“We do not, today, expect a supply issue. However, costs have really jumped,” Shake Shack CEO Randy Garutti said.
Recent closures …continued .
[Source: CNBC News]