Shake Shack Inc. said that the pace of workers returning to offices in cities, including New York, stalled last quarter and hampered the restaurant chain’s growth. The shares fell the most in more than a year.
Revenue rose 23% to $230.8 million, the company said Thursday. That trailed analysts’ expectations of $238.4 million. Shake Shack, which generates a majority of its sales in urban markets, said the slowdown in return to office continued in July.