Shake Shack, the Danny Meyer-founded better burger chain, saw same store sale increase 12.9% during its second quarter, with total revenue up 74.7% to $48.5m (£31.1m).
The listed company, which recently opened its second site in the UK, at Westfield Stratford, saw Shack sales increase 77.9% to $46.6m, whilst adjusted EBITDA climbed 136.5% to $11.2m
The 71-strong brand attributed the strong performance to menu price increases, the return of crinkle-cut fries, a shake special and strong results from its new Las Vegas and Chicago openings.
It said that it now plans to open at least 12 domestic company-operated Shake Shacks a year starting in 2016, up from a previous target of 10 per year.
The company said it continues to expect at least five international licensed Shacks to be opened under the company’s current license agreements in the UK and the Middle East in its current financial year.
It has already announced the planned opening of its third London Shack on New Oxford Street and its first site outside London in Cardiff, at St David’s Shopping Centre. Additionally, it expects to open its first Shack in Tokyo, Japan, with partner The Sazaby League.
Average weekly sales for domestic company-operated Shacks were $102,000 for the second quarter of 2015 compared to $95,000 for the same quarter last year, a 7.4% increase.
Randy Garutti, chief executive of Shake Shack, said: “Our team continues to execute on our plan and we have delivered another strong quarter of outstanding operational results. During the quarter we opened three domestic company-operated Shacks as we planted roots in Austin, Texas, continued to expand in Chicago opening our second Shack, located on Michigan Avenue, and strengthened our presence in the New York metro area with our third Shack in New Jersey, at the Village at Bridgewater Commons. After more than seven months, we celebrated the reopening of our flagship Madison Square Park Shack. Internationally, we opened our second Shack in the UK and our third Shack in Moscow.
“As we execute our strategic growth plan, we continue to identify favourable development opportunities and we have therefore added two new Shacks to our development schedule, raising our previous guidance to 12 new domestic company-operated Shacks for 2015. Looking ahead to 2016 and beyond, we now expect to open at least 12 domestic company-operated Shacks annually. ”
