Why Shake Shack Stock Was Sizzling Today
Shares of Shake Shack (NYSE: SHAK) were moving higher today after the fast-casual burger slinger posted better-than-expected results in its first-quarter earnings report. As of 3:10 p.m. ET on Thursday, the stock was up 15%.
Trending with other restaurant stocks that posted strong first-quarter results, Shake Shack reported 10.3% same-store sales growth. That drove a 27.5% increase in systemwide sales (which includes sales from licensed restaurants) to $394.7 million, and a 24.5% jump in revenue (company-owned restaurants plus fees from licensed restaurants) to $253.3 million, which topped estimates at $245.7 million.
Restaurant-level operating profit was $44.7 million, or 18.3% of company-owned store sales, up from 15.2% in the quarter a year ago.
Source Fool.com
