Shake Shack, best known for its burgers, is revamping its technology infrastructure to give its customers more touch points, improve efficiency enough to offset higher labor costs and scale as it expands locations and into new venues such as food trucks. The company reported a fourth quarter net loss of $548 million on revenue of $124.3 million. For 2018, Shake Shack reported net income of $21.95 million on revenue of $459.3 million, up 28 percent from a year ago. For 2019, Shake Shack projected revenue between $570 million and $576 million with flat same store sales. For 2020, Shake Shack is targeting more than $700 million in revenue. To get to that 2020 revenue goal, Shake Shack is betting on an ERP revamp called Project Concrete, digital marketing and more ways to cater to customers. In the fourth quarter, Shake Shack booked $700,000 in one-time Project Concrete costs. Randall Garutti, CEO of Shake Shack, said on an earnings conference call that the company’s digital transformation efforts are necessary to grow. “I would like to take a moment to stress how important we believe this transformation will be in an effort to ensure infrastructure and support systems are sufficiently robust and scalable to deliver upon our current and future growth opportunities,” he said. “We are investing a lot of capital in order to streamline and automate business processes, all the while taking administrative and time-consuming tasks out of the Shacks to better allow for our teams to focus on delivering the highest quality experiences.” – Source: ZDNet.
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