- Shake Shack reported top and bottom line results that topped Wall Street expectations.
- Same-Shack-Sales fell short.
- Shares dropped about 3% following the results.
- Watch Shake Shack live.
Shake Shack on Thursday reported top and bottom line results that beat Wall Street estimates, but same-store sales fell short. Shares were down about 3% following the results.
The burger chain said it earned an adjusted $0.21 a share on revenue of $119.6 million, beating the $0.13 and $116.8 million that analysts surveyed by Bloomberg were expecting. However, its so called Same-Shack-Sales fell 0.7%, missing the 0.9% gain that was expected.
„We’re pleased to report that Shake Shack’s overall growth remains strong as we head into the end of 2018,“ CEO Randy Garutti said in the earnings release.
„During the third quarter, we generated $119.6 million in Revenue, and delivered Adjusted EBITDA of $21.3 million with year on year increases of nearly 27% and 18%, respectively. The performance of both our new and existing Shacks and the incredible hard work of all our team members is resulting in a raise to our total revenue guidance for the full year 2018.“
Shake Shack raised its full-year revenue guidance to between $450 million and $452 million, up from $446 million to $450 million, and said it plans to open 33 or 34 new stores this year.
Shake Shack was up 27% this year.
Source: Business insider