84.8 F
Fort Worth
Thursday, October 22, 2020
Culture Food Shake Shack reports slowdown in key sales metric

Shake Shack reports slowdown in key sales metric

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

NEW YORK (AP) — Shake Shack on Wednesday reported better-than-expected profit in the second quarter, but shares of the burger chain took a hit in after-hours trading after the company reported slowing growth in a key sales metric.

Shake Shack’s net income more than doubled to $3.3 million, or 14 cents per share, for the quarter ended in June, from $1.1 million, or 8 cents per share, a year ago.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.

The New York-based company posted revenue of $66.5 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $63.3 million.

Same-shack sales during the quarter rose 4.5 percent. The metric measures results at locations that have been open for at least 24 months. During the first quarter they rose 9.9 percent, while in the second quarter a year ago, same-shack sales were up 12.9 percent.

Shake Shack expects full-year revenue in the range of $253 million to $256 million, up from its prior forecast of $245 million to $249 million. Analysts surveyed by FactSet forecast, on average, annual revenue of $251.9 million.

Shake Shack Inc. shares have risen more than 3 percent since the beginning of the year. They closed Wednesday at $40.87, a fall of 42 percent in the last 12 months.

After the release of the report, the stock changed hands at $37.25, down $3.62 or 8.8 percent in extended trading.


Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SHAK at http://www.zacks.com/ap/SHAK


Latest News

The Culinary School of Fort Worth starts culinary apprenticeship program

The Culinary School of Fort Worth has been approved by the American Culinary Federation Education Foundation to operate an apprenticeship program designed...

Ex-Blue Bell Creameries CEO charged in deadly listeria case

AUSTIN, Texas (AP) — The former president of Blue Bell Creameries has been charged with wire fraud for allegedly trying to cover...

This election bites, but it is tasty

Rodeo Goat Ice House is getting political. The restaurant has launched the Burger Battle of the Century on Tuesday, October 20 with the election-themed BIDEN BURGER vs....

A progressive party: Eat. Drink. Cowtown

With the cancelation of the 2020 Fort Worth Food + Wine Festival, event leadership instead shines a spotlight on local restaurants and watering holes, encouraging patrons to support...

TX Whiskey releases Sherry, Tawny Port products

The makers of TX Blended Whiskey and TX Straight Bourbon on Oct. 19 announced the launch of two new products—TX Straight Bourbon...