Shake Shack  (SHAK) - Get Report March sales dropped 29% amid the coronavirus-driven economic downturn, and the burger chain made a number of cost-cut moves.

Sales were down 2% during the first two months of the first quarter, but the big drop occurred in March, as local, state and federal governments imposed social-distancing rules and shut down restaurant dining, the New York chain said in a statement. 

Same-store sales are down 50% to 90% at company-owned restaurants in the U.S., with an average decline of 70%, Chief Executive Randy Garutti said.

The company has closed nine restaurants, with remaining locations operating on a  limited to-go or delivery model. The company added additional delivery partners.

In response to the big sales hit, Shake Shack said it has taken a number of steps to slash expenses and conserve cash.

The chain has laid off or furloughed 20% of its headquarters staff and stopped new hiring while also cutting executive pay.

Shake Shack said it has also suspended all construction and design work on new restaurants. It drew down on its revolving-credit line, boosting its cash stockpile to $104 million.

And the company said that its supply chain has been unaffected.

Two weeks ago the chain withdrew its financial guidance for 2020.

At last check Shake Shack shares were trading up 4.5% at $33.98.