Shares of Shake Shack spiked nearly 10 percent Friday, extending gains after the company reported better-than-expected-quarterly results and raised its full-year guidance.
The burger franchise's stock was up as much as 9 percent in after-hours trading Thursday. Shares closed at $37.60, topping their prior 52-week high of $37.20.
Shake Shack, known for antibiotic-free burgers and frozen custard, posted adjusted quarterly profit of 8 cents per share, beating consensus by 3 cents, according to Thomson Reuters. Revenue also beat forecasts, increasing 43.4 percent to $52.2 million. Same store sales were up almost 10 percent, nearly twice analysts' estimates of 5.3 percent. The company also raised full-year revenue and sales growth forecasts.
Source: FactSet
"We are off to a strong start to the year," Randy Garutti, CEO of Shake Shack, said in a statement. "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."
Garutti noted the launch of "Chick'n Shack" at all domestic company-operated locations as one reason for an uptick in store traffic. The company also added three domestic company-operated Shacks in Arizona, and the first location in California.