- Shake Shack Inc (NYSE:SHAK) shares are jumping Thursday morning following its Street-beating Q1 performance.
- SHAK reported first-quarter FY23 sales growth of 24.5% year-on-year to $253.28 million, beating the consensus of $245.67 million.
- System-wide sales grew 27.5%, and Same-Shack sales climbed 10.3%.
- Loss from operations for the quarter was $(3.2) million versus a loss of $(14.9) million a year ago.
- The company held $293.43 million in cash and equivalents as of March 29, 2023. Cash provided by operating activities for the quarter totaled $19.8 million.
- Adjusted EBITDA for the quarter was $27.6 million, with the margin expanding 580 basis points to 10.9%.
- Adjusted pro forma EPS loss was $(0.01) for the quarter, beating the consensus of $(0.08).
- Price Action: SHAK shares are trading higher by 11.5% at $58.92 on the last check Thursday.
Dow Dips 200 Points; Citigroup Posts Upbeat Earnings
U.S. stocks traded lower this morning, with the Dow Jones index falling around 200 points on Friday.
Following the market opening Friday, the Dow traded down 0.54% to 38,249.92 while the NASDAQ fell 0.83% to 16,305.21. The S&P 500 also fell, dropping, 0.62% to 5,166.70.
