After Shake Shack (SHAK) served up a red hot earnings report on Monday, investors were hungry for more. The stock jumped almost 10 percent straight after its earnings beat of $0.09 a share and 75 percent revenue increase, which came in at $48.5 million. Danny Meyer’s burger chain is sizing up to be a force to be reckoned with. The company is expanding fast. For a 71 location restaurant chain, the stock is expensive. Shake Shack is planning to open 12 new U.S. locations this year, up from the 10 that were previously expected. CEO Randy Garutti explained in a press statement, ‘As we execute our strategic growth plan, we continue to identify favorable development opportunities and we have therefore added two new Shacks to our development schedule.’ He added, ‘Looking ahead to 2016 and beyond, we now expect to open at least 12 domestic company-operated Shacks annually.’ The takeaway chain is also working on international stores in London, Dubai and Moscow. Shake Shack sales are hotter than Chipotle (CMG). ‘Same Shack sales’ were up 12.9 percent, compared with last year’s increase of 4.5 percent, and the restaurant has raised its full year revenue outlook to between $171 and $174 million.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
