Shake Shack Inc.’s revenue rose 51.5 percent during the fourth quarter ended Dec. 31, due to a flurry of new unit openings and higher same-store sales, the company said on Wednesday.
Revenue rose to $34.8 million during the quarter, from $22.9 million the previous year. Same-store sales rose 7.2 percent.
The company opened 10 Shake Shack locations during the quarter, including five units in the U.S. and five licensed locations in international markets.
“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 in a statement. “Our culture of enlightened hospitality has enabled Shake Shack to become a globally beloved brand where all of our stakeholders are rooting for our success.”
Garutti added that the company’s recent IPO gave it the financial flexibility to support expansion, with a plan to open 10 new domestic locations every year and to double in size in three years.
But Shake Shack also reported a net loss of $1.4 million, or 5 cents per share, with much of that due to $1.1 million in costs associated with its recent initial public offering.
Despite the growth, Shake Shack’s successful IPO in January has given it a huge valuation on Wall Street. The company’s stock fell more than 5 percent in after-hours trading on Wednesday.
4Q NET LOSS
Result: -$1.4 million, or -5 cents per share(from $997,000, or 3 cents per share)
4Q REVENUE
Result: $34.8 million% Increase: 51.5% ($22.95 million)
4Q SAME-STORE SALES
% Increase: 7.2%Source: Company report
FULL YEAR NET INCOME
Result: $2.1 million, or 7 cents per share% Decrease: 61% (from $5.4 million, or 18 cents per share)
FULL YEAR REVENUE
Result: $118.5 million% Increase: 44% ($82.5 million)
FULL YEAR SAME-STORE SALES
% Increase: 4.1%Source: Company report
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