Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.
Fast casual restaurant chain Shake Shack Inc (NYSE:SHAK) reported first-quarter FY24 sales growth of 14.7% year-on-year to $290.5 million, missing the analyst consensus estimate of $290.656 million.
System-wide sales grew 12.3%, and Same-Shack sales climbed 1.6%.
Operating income for the quarter was $0.0 million compared to an operating loss of $3.2 million.
The company held $260.2 million in cash and equivalents as of March 27. Operating cash flow for three months totaled $30.6 million.
Adjusted EBITDA for the quarter climbed 30.2% to $35.9 million, with the margin expanding 150 basis points to 12.4%.
Shake Shack opened four new company-operated Shacks, including two drive-thru locations, and opened four new licensed Shacks.
Adjusted pro forma EPS was $0.133 for the quarter, beating the consensus estimate of $0.10.
Price Action: SHAK shares are trading higher by 4.6% at $108.16 at the last check Thursday.
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