NEW YORK (AP) _ Shake Shack Inc. (SHAK) on Monday reported a first-quarter loss of $960,000, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 3 cents. Earnings, adjusted for non-recurring costs, came to 2 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The burger chain posted revenue of $143.2 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $143 million.
Shake Shack shares have fallen 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $52.77, a fall of 16% in the last 12 months.