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NEW YORK -Shake Shack Inc. (NYSE: SHAK) reported better-than-expected fourth quarter results on Thursday, sending shares soaring 7.79% in pre-market trading.
The fast-casual restaurant chain posted adjusted earnings of $0.26 per share, handily beating analyst estimates of $0.16 per share. Revenue jumped 14.8% year-over-year to $328.7 million, topping expectations of $325.3 million.
Same-Shack sales, a key metric for restaurant chains, increased 4.3% compared to the same quarter last year. The company opened 19 new company-operated locations and 9 new licensed Shacks during the quarter.
"We’re pleased to report strong fourth quarter results that exceeded expectations on both the top and bottom lines," said Robert Lynch, CEO of Shake Shack (NYSE:SHAK). "Our strategic initiatives are driving growth as we continue to expand our footprint and enhance the guest experience."
For the full fiscal year 2024, Shake Shack’s revenue rose 15.2% to $1.25 billion. The company opened a total of 43 new company-operated Shacks and 33 new licensed locations throughout the year.
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