Shake Shack just reported first quarter earnings and its a big beat.
Shake Shack reported an adjusted profit of $0.04 per share on revenue of $37.8 million.
Revenue was up 56.3% from the same quarter last year while adjusted EPS doubled from a year ago.
Same-store sales — or as the company calls them, Same-Shack Sales — were up 11.7% in the first quarter, way above expectations.
Following the report, shares of the company were up as much as 9% in after hours trade.
Via Bloomberg, here is what Wall Street was looking for:
- Earnings per share: ($0.03)
- Revenue: $33.95 million
- Same-store sales growth: 5.1%
In its release on Wednesday, Shake Shack CEO Randy Garutti said, “We remain on track to execute our plan to open at least ten new domestic company-operated Shacks and five new international licensed Shacks in 2015 and have an exciting pipeline building for 2016 and beyond, including our recently announced expansion to California and Japan.”
For the full-year, the company said it expects revenue to total $161-$165 million with same-store sales growth in the low- to mid-single digits.
The company also expects that at least 10 new company-operated locations will be opened in the US this year, with at least 5 international locations also opening this year.
Back in March, Shake Shack reported fourth quarter earnings that beat expectations, with the company reporting a $0.01 loss on revenue of $34.8 million. That March report sent shares of the burger chain up more than 10% and was the first quarterly report since the company went public back in January.
Shares of Shake Shack have been volatile of late, falling as much as 12% in one session last week on no news, though the stock is still up better than 26% over the last month.
On Wednesday, shares of Shake Shack gained more than 3.5% ahead of earnings.
More to come …