WASHINGTON, DC - JANUARY 28 : Shown is the ShackBurger and fries at the Shake Shack on January 28, 2015 in Washington, D.C. The burger chain is expecting its IPO later this week. (Photo by Ricky Carioti/The Washington Post via Getty Images)WASHINGTON, DC - JANUARY 28 : Shown is the ShackBurger and fries at the Shake Shack on January 28, 2015 in Washington, D.C. The burger chain is expecting its IPO later this week. (Photo by Ricky Carioti/The Washington Post via Getty Images)
WASHINGTON, DC – JANUARY 28 : Shown is the ShackBurger and fries at the Shake Shack on January 28, 2015 in Washington, D.C. (Photo by Ricky Carioti/The Washington Post via Getty Images)
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Shake Shack (SHAK) first-quarter earnings beat expectations, but sales fell short of estimates. Shares fell 1.5% in after-hours trading following the results.” data-reactid=”23″>Shake Shack (SHAK) first-quarter earnings beat expectations, but sales fell short of estimates. Shares fell 1.5% in after-hours trading following the results.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Here were the main numbers for Shake Shack’s first quarter, compared to Bloomberg-compiled estimates:” data-reactid=”24″>Here were the main numbers for Shake Shack’s first quarter, compared to Bloomberg-compiled estimates:

  • Revenue: $143.2 million vs. $145.1 million expected

  • Adj. EPS: 2 cents vs. loss of <1 cent expected and 13 cents YoY

  • Same-store sales: -12.8%

“I’ve had the privilege of leading this company through many challenging and incredible moments, but I think we’d all agree that this has been an unprecedented test for our world, and for our teams,” CEO Randy Garutti said in a statement.

“It’s difficult to predict when and how quickly we will fully rebound once stay-at-home regulations are lifted, but our first priority will continue to be to keep our teams and our guests safe, as we carefully re-open Shacks,” Garutti said. “Given the actions we’ve taken to bolster our balance sheet, we are in a strong position to resume execution of our long-term strategic growth plan as we continue to come through the other side of COVID-19.” 

Domestic stores have started to see sales trends improve over the past few weeks, according to the company. As of April 29, 17 domestic company-operated stores and 61 of its 120 licensed stores were temporarily closed.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Restaurant dining room closures in the middle of March hammered the industry, and Shake Shack felt the pain as well. The burger chain released preliminary first quarter financial results April 17 and said that same-store sales fell 12.8% during the quarter compared to the same period last year. Shake Shack said at the time that its supply chain was not materially affected.” data-reactid=”32″>Restaurant dining room closures in the middle of March hammered the industry, and Shake Shack felt the pain as well. The burger chain released preliminary first quarter financial results April 17 and said that same-store sales fell 12.8% during the quarter compared to the same period last year. Shake Shack said at the time that its supply chain was not materially affected.

In late April, Shake Shack returned a $10 million loan it acquired through the federal Paycheck Protection Program after facing intense criticism. At the time, the company said that it raised $150 million in fresh capital, part of which included a sale of approximately 3.42 million shares of Class A stock to its underwriters including JPMorgan, Bank of America and Wells Fargo.

Shares of Shake Shack are down 13% this year, while the broader market fell 11%.

Shake Shack’s earnings conference call kicks off at 5 p.m. ET.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter:&nbsp;@heidi_chung.” data-reactid=”38″>Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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