Shake Shack Quarter
Shake Shack Inc., a fast casual restaurant chain that serves unique bakery desserts, reported financial results for the first quarter ended March 30, 2016, noting total revenue increased 43.3% to $54.2 million and total sales increased 44.7% to $52.2 million. Same-store sales increased 9.9%.
Randy Garutti, chief executive officer of Shake Shack, stated, “With the extraordinary results in Q1, we are off to a strong start to the year. We have continued to execute on our growth strategy and drive record results and engagement with our guests, while making crucial investments in our team and our Shacks. The recent launch of the Chick’n Shack at all domestic company-operated locations has driven traffic growth and created an entirely new way our guests can enjoy the Shack.
“During the quarter, we opened three domestic company-operated Shacks including our first Shack in California in the heart of West Hollywood, which has been one of the strongest openings in our 12-year history. We are incredibly excited about the 2016 pipeline and have now raised our revenue expectations and increased guidance to open at least 16 domestic company-operated Shacks this year. We’re looking forward to a great year ahead."
During the quarter, the company opened three domestic company-operated locations, including two in Arizona, as well as the company's first store in California, located in West Hollywood on Santa Monica Boulevard. Additionally, the company opened one international licensed location in Muscat, its first Shack in Oman.
Since the original Shack opened in 2004 in NYC’s Madison Square Park, the company has opened multiple locations in 14 states and the District of Columbia, as well as international locations including London, Istanbul, Dubai, Tokyo, Moscow and more.