Shake Shack blows past same-store-sales expectations and boosts its outlook
's same-store-sales growth easily topped analysts' expectations for the first quarter, sending shares up 6% in after-hours trading on Thursday.
The burger chain hiked its revenue outlook for the fiscal year ending December 25 to a range of $576 million to $582 million, up from $570 million to $576 million.Revenue:$0.13 versus $0.13 expected.Shake Shack set several location milestones during the quarter, opening its first location in Providence, Rhode Island, and its first on mainland China.
Shares of the New York-based burger chain, which hit a seven-month high on Thursday and have soared 37% this year, have seen their valuation become incredibly rich, trading at nearly 103 times forward earnings. That has prevented some analysts from recommending the stock. "Shake Shack is a big brand with even bigger potential, but a small company," JPMorgan analysts led by John Ivankoe told clients last month."We believe the company's target for 450 company-operated units in the US will be handily exceeded and a 600-800+ goal is achievable." The analysts carry a $51 price target, implying a 19% drop from current levels.
it expected same-store sales growth of between 0% and 1% for fiscal year 2019. That forecast took into consideration about menu price increases of about 1.5% that went into effect last December.
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