Shake Shack Inc, which currently has four UK sites, has reported financial results for the first quarter ended 30 March 2016, a period that included 13 weeks.
Total revenue, which includes Shack sales and licensing revenue, increase d 43.3% to $54.2m (£37.6m) in the first quarter of 2016, from $37.8m (£26.2m) for the first quarter of 2015.
Shack sales for the first quarter of 2016 were $52.2m (£36.2m), an increase of 44.7% from $36m (£25m) in the same quarter last year, due primarily to the opening of new Shacks, as well as same-Shack sales growth.
Licensing revenue for the first quarter was $2.0m (£1.4m), an increase of 14.3% from $1.8m (£1.2m) in the same quarter last year, due primarily to the opening of new licensed Shacks, offset by lower revenue from Shacks located primarily in the Middle East and the unfavorable impact of foreign exchange rate fluctuations.
Same-Shack sales increased 9.9% for the first quarter of 2016 versus 11.7% growth in the first quarter last year. The comparable Shack base includes those restaurants open for 24 months or longer. For the first quarter of 2016 , the comparable Shack base included 20 Shacks versus 13 Shacks for the first quarter of 2015.
Shack-level operating profit increased 58.6% to $14.7m (£10.2m) for the first quarter of 2016 from $9.3m (£6.4m) in the same quarter last year.
During the quarter, the Company opened three US company-operated Shacks. Additionally, the Company opened one international licensed Shack in Muscat, its first Shack in Oman.
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.
'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.'
The UK sites are situated in London - Westfield Stratford, Covent Garden and New Oxford Street, and in Cardiff.