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Share Name | Share Symbol | Market | Type |
---|---|---|---|
McDonalds Corp | NYSE:MCD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.72 | -0.26% | 274.88 | 276.11 | 270.3701 | 271.23 | 2,176,214 | 18:56:47 |
Shake Shack Inc's same-store sales growth decelerated in the second quarter, as the restaurant sector continues to show signs of weakening.
Same-store sales, which the company defines as a location opened for 24 months or longer, climbed 4.5%, weaker than the 4.8% predicted by analysts surveyed by FactSet. The mark was also less than the 12.9% growth posted during the same period last year and the surprise 9.9% increased registered in the prior quarter.
Shares of Shake shack, down 42% over the past 12 months, fell 9% to $37.38 after hours.
Restaurant operators have been facing an increasingly challenging environment. According to market research from NPD Group Inc., trips to fast-food chains have been mostly flat through June as consumers look to make eating out among their first spending cuts amid uncertain economic times.
People are spending less eating out, a trend that prompted one analyst recently to say the economy is mired in a "restaurant recession." Fast-food chains such as McDonald's Corp. and Restaurant Brands International Inc., owner of Burger King, have already fallen victim following disappointing quarterly results of their own.
The company posted a 37% jump in sales for the three-month period ended in June, leading it to revise its annual guidance for revenue to a range of $253 million to $256 million, up from $245 million to $249 million previously. Analysts surveyed by Thomson Reuters expect annual revenue of $252 million.
The revenue growth for the latest quarter was due to the opening of new locations and same-store sales growth. Seven system-wide Shack locations were opened during the quarter.
The company also upped its estimates for new store openings this year to 18 from 16.
Average weekly sales for domestic company-operated storefronts remained unchanged at $102,000 for the latest quarter.
Overall in the quarter ended in June, the company reported profit of $3.3 million, or 14 cents a share, compared with a year-earlier profit of $1.1 million, or 8 cents a share. Excluding certain items, adjusted earnings on a pro forma basis rose to 14 cents from 9 cents.
Revenue jumped 37% to $66.5 million.
Analysts polled by Thomson Reuters forecast adjusted earnings of 13 cents a share on revenue of $63 million.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
August 10, 2016 17:45 ET (21:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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