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Shake Shack third-quarter profit jumps 33 percent

November 1, 2017
Associated Press

NEW YORK (AP) — Shake Shack Inc. said its third-quarter profit jumped nearly 33 percent, and the company now plans to open to open between 32 and 35 new restaurants next year.

The New York-based company said it earned $5 million, or 19 cents per share, in the quarter. That's up from $3.8 million, or 15 cents per share, a year ago. Earnings, adjusted for one-time items, came to 17 cents per share.

The results surpassed Wall Street expectations. The eight analysts surveyed by Zacks Investment Research expected earnings of 15 cents per share on average.

Shake Shack's stock was up about 4 percent in after-hours trading following the earnings report.

"During the third quarter, we delivered robust revenue and profit growth," CEO Randy Garutti said.

The burger chain's revenue grew 27 percent to $94.6 million in the period, just below Street forecasts. Five analysts surveyed by Zacks expected $94.7 million.

Shake Shack expects full-year revenue in the range of $354 million to $355 million.

The company said sales declined 1.6 percent at comparable restaurants that have been open at least two years. A year ago, sales increased 2.9 percent at those comparable restaurants.

Shake Shack shares have risen almost 4 percent since the beginning of the year through the close of regular-session trading Wednesday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHAK at https://www.zacks.com/ap/SHAK

 
 
 

 

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