Shake Shack (NYSE:SHAK) beat Wall Street's expectations with its latest quarterly results, sending its stock up over 11% in response.
The burger chain reported a smaller-than-expected loss for the first quarter of 2023, while its revenue and same-restaurant sales also exceeded Wall Street forecasts.
Shake Shack (NYSE:SHAK)’s total revenue was $253.3 million, an increase of 24.5% compared to the same period last year. Operating loss was $3.2 million, with shack-level operating profit (defined as Shack sales less Shack-level operating expenses including food and paper costs, labor and related expenses) at $44.7 million or 18.3% of shack sales.
Shake Shack (NYSE:SHAK)'s loss per share was $0.01, beating the expected $0.08 loss per share. Revenues of $253.3 million beat analysts' consensus of $245.7 million.
During the quarter, the company opened six new domestic Shacks and seven new licensed Shacks, including locations in Mexico and China.
Shake Shack is known for its high-quality food at a great value, warm hospitality, and commitment to crafting uplifting experiences.
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