Shake Shack Inc SHAK reported second-quarter FY23 sales growth of 17.8% year-on-year to $271.80 million, missing the analyst consensus of $274.40 million.
System-wide sales grew 21.2%, and Same-Shack sales climbed 3%.
Operating income for the quarter was $4.7 million, with an operating margin of 1.7%.
The company held $295.2 million in cash and equivalents as of June 28, 2023. Operating cash flow for six months totaled $62.2 million.
Adjusted EBITDA for the quarter was $37.1 million, with the margin expanding 370 basis points to 13.6%.
It opened 10 new domestic company-operated Shacks and 13 new licensed Shacks, including locations in Thailand and China.
Adjusted pro forma EPS was $0.18 for the quarter, beating the consensus of $0.09.
Price Action: SHAK shares are trading lower by 3.51% at $72.40 on the last check Thursday.
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