US burger chain, Shake Shack Inc has reported its financial results for the first quarter ended 27 March 2019.
Total revenue increased 33.8% to £101.3m, and Shack system-wide sales increased 33.5% to £149m. Operating profit increased 12.5% to £20.6m. Net income was £2.75m and adjusted EBITDA rose 10.4% to $17.8m.
During the period there were twelve system-wide Shack openings, comprising of five domestic company-operated Shacks and seven licensed Shacks.
The group launched in the UK in July 2013 and currently has 10 sites here.
CEO Randy Garutti (pictured) stated, “We are pleased with the strong momentum from 2018 carried forward into the first quarter of this year. We grew total revenue by almost 34%, Adjusted EBITDA by over 10% and delivered positive same-Shack sales of 3.6%, including a return to positive traffic growth of 1.6%.
'Our performance was supported by the strength from new openings, the holiday shift and warm weather conditions across a number of key markets early in the quarter and the continued growth of our digital channels, where we see significant ongoing opportunities.'
Garutti concluded, “Based on our first quarter results, we are raising both our overall revenue and same-Shack Sales expectations for the year. We are on track to open 36 to 40 new company-operated Shacks, marking our largest class yet.
'We also plan to open 16 to 18 net new licensed Shacks with our international growth focused on Asia and our new markets of mainland China, Singapore, the Philippines and Mexico.'