Shake Shack Inc (NYSE:SHAK) shares were higher Thursday as the company reported its latest quarterly earnings results, which were well ahead of the curve.
investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-150×150.jpg 150w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-40×40.jpg 40w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-30×30.jpg 30w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-160×160.jpg 160w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-65×65.jpg 65w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-100×100.jpg 100w,https://investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-80×80.jpg 80w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-125×125.jpg 125w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-50×50.jpg 50w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-71×71.jpg 71w, investorplace.com/wp-content/uploads/2015/03/shake-shack-shak-stock-logo-185-120×120.jpg 120w” sizes=”(max-width: 185px) 100vw, 185px” />The burger joint posted strong results during its first-quarter report for fiscal 2018, yielding revenue of $99.1 million, a 29.2% increase compared to the $76.7 million it raked in during the year-ago quarter. Analysts were calling for revenue of $96.7 million, according to data compiled by FactSet.
Shake Shack posted net income of $3.5 million for the period, or 13 cents per share, beating the $2.3 million, or 9 cents per share it earned during the year-ago quarter. The company’s adjusted earnings impressed as well at 15 cents per share, better than the 8 cents per share that the Wall Street consensus estimate projected.
The burger chain’s same-restaurant sales were up by 1.7% compared to the year-ago quarter, handily topping the 0.4% slide that analysts polled by FactSet called for in their guidance. Over the course of its first quarter, Shake Shack opened nine new locations, five company-operated restaurants in the U.S. and four licenses locations overseas.
The company is now calling for fiscal 2018 revenue in the range of $446 million and $450 million, up from its previous outlook of $444 million to $448 million. Wall Street forecasts revenue of $448.5 million, according to FactSet.
Shake Shack’s same-restaurant sales are slated to be flat to up 1%, better than its previous guidance of flat same-restaurant sales. Analysts are calling for a same-restaurant sales growth of 0.4%, per FactSet.
SHAK stock gained about 7.6% after the bell on its strong earnings showing.