This year has been good to Shake Shack thus far. The share price for the popular, New York-based burger chain has jumped to $65 from just over $40 at the end of last year.
The company, which went public back in 2015, also grew its total revenue by 34 percent and has raised its projected annual total revenues to a range of $576 million to $582 million, up from $570 to $576 million.
But the fruits of that success won't be invested in introducing a new meat alternative-based burger any time soon.
"We never say never. It's not something we're focused on today. We've had some great meetings and tastings with the Beyond Meat team, with the Impossible Burger," CEO Randy Garutti told Cheddar.
"They're great products, and it's fascinating to see this moment."
While Shake Shack ($SHAK) has decided not to buy in to meat alternatives for now, other chains have been eager to jump on board, including Burger King, White Castle, and TGI Fridays.
Meat alternatives produced by Impossible Foods and Beyond Meat are now served by just under 20,000 restaurants, according to the Wall Street Journal.
Garutti said that Shake Shack will remain cautious.
"For Shake Shack, we've always focused on classic menu items that are tried and true, so we just want to listen and watch that market a little bit," he said. "The number one thing we need to do is listen to our guests, and let them tell us what they're looking for."
For now, the company plans to keep its focus on global expansion.
Shake Shack has roots in New York City. The brand was born in 2001 as a hot dog cart based in Madison Square Park. Now the company says that more than 80 percent of its locations are outside the Big Apple.
The company has eschewed the notion that a brand must first expand into a national brand before breaking into the international market. Its burgers can now be found in 16 countries.
"One of the crazy stories about Shake Shack is that we decided to go international long before any smart person would have told us to," explained Garutti. "Our seventh restaurant ever was in Dubai."
Next week, the company plans to open its own store in Mexico City, Shake Shack's first location in Latin America.
"There's something about this brand that has translated ー no matter the language, no matter the place. And it's just working around the world. We have this global brand power, and we're going to capitalize on that," Garutti said.
The company has spent considerable effort expanding into Asia, where it also has 19 licensed locations.
This year, Shake Shack opened company-operated stores in Shanghai and Singapore, and also expects to expand into the Philippines in the coming months.
The company will soon open a new office in Hong Kong as well.
