Shake Shack Inc SHAK reported third-quarter FY23 sales growth of 21.2% year-on-year to $276.21 million, beating the analyst consensus estimate of $275.67 million.
System-wide sales grew 24.3%, and Same-Shack sales climbed 2.3%.
Operating income for the quarter was $5.7 million versus an operating loss of $(4.8) million a year earlier.
Adjusted EBITDA for the quarter was $35.8 million, up 80.7% Y/Y, with the margin expanding 430 basis points to 13%.
The company opened 10 new domestic company-operated Shacks and 15 new licensed Shacks, including locations in Bahamas and China.
Adjusted pro forma EPS was $0.17 for the quarter, beating the consensus estimate of $0.10.
The company held $285 million in cash and equivalents as of September 27, 2023. Operating cash flow for nine months totaled $90.6 million.
Price Action: SHAK shares are trading lower by 3.27% at $55.10 on the last check Thursday.
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