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Shake Shack Announces Second Quarter 2017 Financial Results

NEW YORK--(BUSINESS WIRE)--

Shake Shack Inc. (“Shake Shack” or the “Company”) (SHAK), today reported its financial results for the second quarter ended June 28, 2017, a period that included 13 weeks.

Financial Highlights for the Second Quarter 2017:

  • Total revenue increased 37.4% to $91.3 million.
  • Shack sales increased 36.6% to $88.0 million.
  • Same-Shack sales decreased 1.8%.
  • Operating income increased 31.4% to $11.7 million, or 12.9% of total revenue.
  • Shack-level operating profit*, a non-GAAP measure, increased 27.6% to $25.3 million, or 28.8% of Shack sales.
  • Net income increased 25.0% to $8.2 million and net income attributable to Shake Shack Inc. was $4.9 million, or $0.19 per diluted share.
  • Adjusted EBITDA*, a non-GAAP measure, increased 36.4% to $19.4 million.
  • Adjusted pro forma net income*, a non-GAAP measure, increased 38.7% to $7.3 million, or $0.20 per fully exchanged and diluted share.
  • Seven net system-wide Shack openings, including four domestic company-operated Shacks and three net licensed Shacks.

* Shack-level operating profit, adjusted EBITDA and adjusted pro forma net income are non-GAAP measures. Reconciliations of Shack-level operating profit to operating income, adjusted EBITDA to net income, and adjusted pro forma net income to net income attributable to Shake Shack Inc., the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”

Randy Garutti, Chief Executive Officer of Shake Shack, stated “The team posted another strong quarter of growth on both the top and bottom line, increasing total revenue over 37% and adjusted EBITDA over 36%. We added seven net new system-wide Shacks in both new and current markets, continuing the growth of our licensed business at home and abroad. Shacks outside of our comp base represented $24.5 million in increased...


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