Shake Shack Inc (NYSE: SHAK) reported a 14.7% year-on-year sales growth in the first quarter of FY24, reaching $290.5 million. This figure slightly missed the analyst consensus estimate of $290.656 million.
System-wide sales saw a 12.3% increase, while Same-Shack sales went up by 1.6%. Operating income for the quarter was $0.0 million, a significant improvement from the operating loss of $3.2 million in the previous year.
As of March 27, the company held $260.2 million in cash and equivalents, with an operating cash flow of $30.6 million for the quarter. Adjusted EBITDA climbed 30.2% to $35.9 million, with the margin expanding to 12.4%.
During the quarter, Shake Shack opened four new company-operated Shacks, including two drive-thru locations, and four new licensed Shacks. The adjusted pro forma EPS for the quarter was $0.133, surpassing the consensus estimate of $0.10.
Following the earnings release, SHAK shares were trading 4.6% higher at $108.16.