Shake Shack Inc. said late Wednesday that same-store sales declined 1.6 percent in the third quarter ended Sept. 27.
Traffic at the 143-unit chain declined 3.8 percent, the company said, while consumers paid 2.2 percent more for their meals in the period.
Shake Shack uses data from 39 existing locations to calculate same-store sales and traffic. The fast-growing chain said it would open between 24 and 26 new locations this year, compared with its previous projections of 23 to 24 locations.
The fast-casual burger chain raised its projections for same-store sales going for the year, projecting a narrower decline of 1.5 percent to 2 percent, which is lower than a previously projected decline of 2 percent to 3 percent.
Revenue increased 27 percent to $94.6 million in the most recent quarter, and adjusted net income increased 13 percent to $6.2 million, or 17 cents per share, compared to the year-ago quarter. The earnings bested investors’ expectations for the period, according to the website Earnings Whispers.
The New York City-based chain’s stock rose sharply in after-hours trading on Wednesday’s news.
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