Shake Shack (NYSE:SHAK) jumped Thursday after it reported a smaller-than-expected quarterly loss, with revenue and same-restaurant sales exceeding Wall Street forecasts.
Total revenue of $253.3 million, up 24.5% versus 2022, including $244.3 million of Shack sales and $9.0 million of Licensing revenue.
System-wide sales of $394.7 million, up 27.5% versus 2022. Same-Shack sales were up 10.3% versus 2022.
Operating loss was $3.2 million. Shack-level operating profit was $44.7 million, or 18.3% of Shack sales.
Net loss of $1.6 million. Adjusted EBITDA of $27.6 million. Net loss attributable to Shake Shack Inc. of $1.5 million, or a loss of $0.04 per share. Adjusted pro forma net loss was $0.3 million, or a loss of $0.01 per fully exchanged and diluted share.
The company opened six new domestic Shacks, besides opening seven new licensed Shacks, including locations in Mexico and China.
“Shake Shack,” according to this morning’s news release, “serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal.”
SHAK shares raced $5.75, or 10.9%, to $58.57.
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