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Shake Shack Plunges After Saying Return to Office Is Stalling

  • Chain’s revenue and sales forecast trailed estimates
  • Company said purchases from lower-income consumers weakened
A burger, fries, and beverage at a Shake Shack restaurant in New York.

A burger, fries, and beverage at a Shake Shack restaurant in New York.

Photographer: Michael Nagle/Bloomberg

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.