Shake Shack (SHAK) Stock Tanking Today After Fourth Quarter Loss
NEW YORK (TheStreet) -- Shares of Shake Shack (SHAK) - Get Report are taking a hit, down 9.15% to $42.61 in early marker trading Thursday, after the burger restaurant released its first-ever quarterly financial results since going public in January.
For the fourth quarter, the company posted a loss of 5 cents per share, compared to the loss of 3 cents analysts had expected. Revenue came in at $35 million, topping Wall Street estimates of $33 million.
Shake Shack said it saw a 7.2% rise in same store sales year-over-year, higher compared to the 4% increase analysts had expected. But the company attributed some of the faster sales growth to a price increase.
In the near term, the company is targeting at least 10 new domestic Shake Shack locations annually. In the long term, it sees potential for at least 450 company-operated restaurants.
New York City-based Shake Shack is a roadside burger stand serving an American menu of burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine. The company operates about 63 casual dining restaurants around the world.