“Cost is up, and it’s up significantly in these last few weeks.” Shake Shack CEO Randy Garutti discussed rising beef prices and the supply chain.
"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 of meatpacking plants across the United States have stoked concerns about the country's food supply. Workers in meat processing plants often work shoulder to shoulder for hours at a time, making it nearly impossible for them to keep their distance from each other and prevent the spread of the virus.
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