Shake Shack Inc SHAK reported first-quarter revenue of $132.6 million Thursday, a 33.8-percent year-over-year increase, beating the Street estimate of $126.88 million. "Same-Shack" sales were 3.6-percent higher year-over-year. Earnings per diluted share fell from 13 cents in the first quarter of 2018 to 8 cents, in-line with consensus estimates.
Operating income fell by 20.8 percent year-over-year to $5.2 million, and the company said the figure includes costs from Project Concrete and other one-time costs.
Net income landed at $3.6 million, down from $5 million in the same period last year.
The burger chain reported 12 new locations during the quarter: five domestic, company-operated Shacks and seven licensed locations.
Shake Shack updated its 2019 outlook, raising its full-year revenue guidance from a range of $570 million to $576 million to a range of $576 million to $582 million. The company raised its same-store sales growth from a range of zero to 1 percent to a range of 1-2 percent.
"Our performance was supported by the strength from new openings, the holiday shift and warm weather conditions across a number of key markets early in the quarter and the continued growth of our digital channels, where we see significant ongoing opportunities," CEO Randy Garutti said in a statement.
The stock was rallying by more than 6 percent in after-hours trading. Shares closed at $62.91.
Related Links:
The Street's Reaction To Shake Shack's Q3
Stifel: Shake Shack Is One Of The Fastest-Growing Restaurant Chains — And That's Priced In
Photo by Dustin Blitchok.
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