By Karen Roman
Shake Shack Inc. (NYSE: SHAK) shares rose 7.79% at the closing after the company declared revenue grew 14.7% for the third quarter and same-store sales increased 4.4%, beating analysts’ expectations.
This is the 15th consecutive quarter of positive same-store sales growth, despite challenges in the macro environment, the company said.
Adjusted EBITDA was $45.8 million, up 28% compared to the same period of 2023, with $0.25 earnings per fully exchanged and diluted share, it said.
Shake Shack opened 17 new locations while focusing on quicker service and culinary innovation, the company stated.
“We continue our strong momentum into October, as our marketing and operational initiatives continue to take hold,” said CEO Rob Lynch. “We opened 17 new Shacks worldwide in the quarter and are on path to end FY2024 on a very strong note, setting a solid foundation for next year.”
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