Shake Shack stock shoots up after burger chain swings to Q3 profit

Shares of Shake Shack Inc. (SHAK) shot up 6.6% in premarket trading Thursday after the burger chain swung to a third-quarter profit and reported better-than-expected earnings. The company reported net income of $7.627 million or 19 cents a share, after a net loss of $2.024 million, or 5 cents a share, in the prior year's quarter. On an adjusted basis, Shake Shack earned 17 cents a share, above the FactSet consensus of 9 cents a share. Revenue grew 21.2% to $276.2 million, in line with the FactSet consensus of $276 million. Same-store sales growth was 2.3%. Analysts surveyed by FactSet were looking for same-store sales growth of 4%. Shake Shack's stock has risen 37.9% in 2023, outpacing the S&P 500 index's gain of 10.4%.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

11-02-23 0732ET

Copyright (c) 2023 Dow Jones & Company, Inc.