Shares of Shake Shack spiked up 6.4% in after-hours trading after the company raised its forecast for revenue to $189 million to $190 million from $171 million to $174 million. Shake Shack went public in January at $21 a share. Shake Shack’s shares peaked at $92.86 almost four months after the initial public offering but were down 26% over the last three months.
Shake Shack Inc. (NYSE: SHAK) closed at $51.11 on Thursday
In the quarter ended Sept. 30, the company reported profit of $1.53 million, or 10 cents a share, compared with $504 million, or 2 cents a share, a year earlier.
For 2016, the company said it expects revenue of $237 million to $242 million. Analysts had recently forecast $228 million in revenue.
CEO Randy Garutti said that “The third quarter marked another strong quarter in terms of same-Shack sales growth, as we continued to execute on our strategic plan and drive engagement with our guests. We opened four domestic company-operated Shacks during the quarter and, as previously announced, we will be officially opening our first Shack in Tokyo in the remarkable Meiji-Jingu Gaien park this November, ahead of schedule.”
About Shake Shack (NYSE: SHAK)
Shake Shack Inc. owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States, the District of Columbia, North America, Europe, and Asia. Shacks offers hamburgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer, and wine.
As of December 31, 2014, it had 63 Shacks, including 31 domestic company-operated Shacks, 5 domestic licensed Shacks, and 27 international licensed Shacks. The company was founded in 2004 and is based in New York, New York.