NYC-based burger chain Shake Shack just reported its first-ever quarterly financial results as a public company.
Overall, the numbers were a bit better than expected.
Sales jumped 51.5% to $34.8 million in sales in Q4, which was stronger than the $33.0 million expected by analysts. Growth was helped by new stores and a 7.2% gain jump in "same-shack" sales, which are stores that have been open for at least 24 months.
After costs and expenses, Shake Shack had a net loss of $0.01 per share, which wasn't as bad as the $0.03 net loss per share expected.
"We are pleased with the strength of our fourth quarter results and excited to begin our journey as a public company," CEO Randy Garutti said. "As a result of our successful IPO, we have the financial flexibility to support our robust expansion plans. Near-term, we are targeting at least 10 new domestic company-operated Shacks annually, with the goal of doubling our domestic company-operated store count in three years and tripling our store count in five years. Long-term, we see the potential for at least 450 domestic company-operated Shacks."
Shares, however, are down 7% in after-hours trading. It's currently at $43.80, down from Wednesday's closing price of $46.90.
Still, SHAK is way above its IPO price. On January 29, Shake Shack's IPO priced at $21 per share and then exploded to north of $52.50 per share on the first day of trading.
During Q4, Shake Shack opened 10 stores: 5 domestic and 5 abroad. Below is a roundup of restaurants opened in 2014.
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