Shake Shack reported first quarter earnings that topped Wall Street's expectations on Thursday that sent the stock skyward in after-hours trading.
- Shake Shack posted first-quarter earnings that topped analyst expectations on Thursday.
- The stock popped more than 5% in after-hours trading.
- Follow Shake Shack in real-time here.
Shake Shack reported first quarter earnings that topped Wall Street's expectations on Thursday that sent the stock soaring in after-hours trading.
Here are the key figures:
- Earnings per share: $0.15 versus an estimated $0.81.
- Revenue: $99.1 million versus an estimated $96.78 million.
Same-store sales, one of the most closely watched metrics for retail chains, came in at 1.7%, well above the 0.8% last quarter
"2018 is off to a strong start as we built upon our fourth quarter momentum, reporting another quarter of robust top and bottom-line growth," Randy Garutti, CEO of the chain, said in a press release. "We delivered year over year revenue growth of approximately 29%, including a 1.7% increase in same-Shack sales and grew adjusted EBITDA by over 30%. These results were supported by the continued evolution of our digital initiatives and the strength of new and existing Shacks as we executed on our development plans."
The company plans to open 32 to 35 new restaurants in the US, it said, as well as 16 to 18 licensed Shacks internationally as it ramps up to its target of 450 by the end of 2020. Its first Chinese location opened in Hong Kong this week to much fanfare.
"We are committed to digital innovation to better connect with our guests, delivering ongoing menu innovation, and investing in our people and infrastructure to execute on the significant long-term opportunity ahead," Garutti said.