Shake Shack Inc. (SHAK) stands to gain most from Gov. Andrew Cuomo's announcement that indoor dining at 25% capacity will resume in New York City, according to a Truist Securities analysis of its restaurant coverage. Indoor dining will begin in the city on September 30 ( ). Truist says about 15% of Shake Shack's company-owned restaurants are in New York City, and those restaurants accounted for 20% to 25% of sales pre-COVID-19. Shake Shack had been under pressure ( ) previously due to its transition to a single delivery partner, Grubhub Inc. (GRUB). Other restaurant chains that stand to gain are Popeyes, which is part of the Restaurant Brands International Inc. (QSR.T) portfolio and has about 4% of stores in the city, and Chipotle Mexican Grill Inc. (CMG), which has about 3% of its restaurants in the five boroughs. Shake Shack stock is up 20% for the year to date while the S&P 500 index is up almost 6% for the period.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 10, 2020 10:41 ET (14:41 GMT)
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