May 7 (Reuters) - Fast food chain operator Shake Shack on Thursday swung to a quarterly loss and missed revenue estimates, hurt by rising commodity costs and macroeconomic pressures on consumer spending, sending its shares down about 18% in premarket trading.
The company also named Michelle Hook as its new CFO, effective May 11.
• Several other fast food chains including McDonald's, Domino's and Papa John's have also reported weaker quarterly sales growth, signaling pressure on customer spending from
rising gasoline prices driven by the Iran war.
• Hook earlier worked as the CFO of Portillo's and helped take the fast-casual chain public in 2021. She previously spent more than 17 years at Domino's Pizza in finance leadership roles.
• Shake Shack's previous CFO, Katherine Fogertey, stepped down from her role in early March.
• The leadership change comes as Shake Shack reported a quarterly loss per share of 1 cent, compared with a profit of 11 cents a year ago.
• The burger chain reported adjusted profit of $ 0.002 per share, missing estimates of 12 cents per share.
• The company also posted an operating loss of $2.6 million, compared to an operating profit of $2.8 million in the prior year.
• Shake Shack posted first-quarter revenue rose 14.3% to $366.7 million, but missed analysts' estimate of $371.9 million, according to data compiled by LSEG.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Shailesh Kuber)
