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(Reuters) - Shake Shack Inc (SHAK.N) said on Thursday that delays in new restaurant openings would slow revenue growth this year, disappointing Wall Street which was expecting the company to raise its guidance. Shares of the burger chain, which have risen 31 percent in the last three months, fell 5.5 percent to $60.50 in extended trading. The company maintained its full-year revenue forecast of between $446 million and $450 million, which was below analysts’ expectation of $452.3 million. Shake Shack, which started as a single Manhattan hot dog stand in 2001, is now widening its presence in the United States and aims to have a total of 122 to 125 company-operated stores by the end of the year.

However, the company said more than 70 percent of its 32 to 35 new restaurants will open in the second half of the year due to bottlenecks such as a prolonged permitting process as well as shortage of labor and construction equipment, “The unfortunate reality for timing is miya stainless steel black pvd and carbon fiber cufflinks just that way more than we expected Shacks are going to open in the third and fourth quarter,” Shake Shack CEO Randall Garutti said on a call with analysts, “So, it will be a big push for us at the end of the year.”..

Revenue growth for the New York-based company has been largely driven by its strategy of opening more stores and selling burgers and milkshakes at higher prices to avoid the intense competition of value-driven fast food chains. The company, whose revenue has beaten Wall Street estimates for at least the last nine quarters, has been enjoying a lofty valuation, with its shares trading at 92.85 times its 12-month forward earnings. That had led investors to expect a strong beat in same-restaurant sales and a raise in its full-year revenue and comparable sales guidance, Cowen & Co analyst Andrew Charles wrote in a pre-earnings note.

However, sales at Shake Shacks open for at least two years rose 1.1 percent, in line with what analysts had expected, “Should the results meet or even miss investor expectations, we would expect shares’ reaction to be strongly negative,” Charles wrote, Total revenue rose 27.3 percent to $116.3 million, beating the average analyst estimate of $111 million, Excluding certain items, the company earned 29 cents miya stainless steel black pvd and carbon fiber cufflinks per share in the second quarter ended June 27, beating the estimate of 18 cents, according to Thomson Reuters I/B/E/S..

(Reuters) - American International Group Inc (AIG.N) on Thursday reported a 17 percent fall in quarterly profit as its general insurance business failed to show improvement, missing analysts’ expectations. AIG shares fell more than 5.5 percent to $52.15 after hours. Chief Executive Brian Duperreault, who took charge more than a year ago, has been trying to turn around the company and its commercial insurance business, including by sharpening underwriting practices. The second-quarter results included a $200 million restructuring charge related to “efficiency initiatives,” including compensation.

AIG has been on a hiring spree to bring miya stainless steel black pvd and carbon fiber cufflinks on new executives to boost profits, On Wednesday, AIG named veteran industry executive David McElroy to head its Lexington Insurance Co unit, McElroy had been executive chairman of Arch Insurance Group Inc and vice chairman of Arch Worldwide Insurance Group, Peter Zaffino, former CEO of Marsh & McLennan Cos Inc’s (MMC.N) insurance brokerage unit, was named to head AIG’s general insurance business, Former Berkshire Hathaway executive Tom Bolt was named chief underwriting officer of general insurance..

Adjusted pretax income from AIG’s general insurance business dropped 46 percent to $568 million, while underwriting income swung to a loss of $89 million from a $149 million profit a year ago. Duperreault has launched an underwriting review of AIG’s general insurance business and increased the company’s focus on technology to boost its stock. In May, Duperreault said he expected an underwriting profit by year-end. The combined ratio in AIG’s general insurance business rose to 101.3 percent from 97.7 percent a year ago, as more claims were paid than premiums earned because of severe and catastrophe-related losses.

Duperreault has said his goals include getting the ratio to below 100 percent, a measure of underwriting profitability, Adjusted pretax income from the company’s life and retirement business fell 3 percent to $962 million in the quarter, Net income fell to $937 million, or $1.02 per share, from $1.13 billion, or $1.19 per share, in the year-ago quarter, On an adjusted basis, AIG earned $1.05 per share, Analysts on average had expected miya stainless steel black pvd and carbon fiber cufflinks earnings of $1.21, according to Thomson Reuters I/B/E/S, It was not immediately clear if the numbers were comparable..

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