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Shake Shack swings to loss in fiscal Q1

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Shake Shack swings to loss in fiscal Q1

Shake Shack Inc. said its normalized net income for the fiscal first quarter ended April 1 was a loss of 2 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $288,630, compared with income of $749,380 in the first quarter ended March 26, 2014.

The normalized profit margin dropped to negative 0.8% from 3.1% in the year-earlier period.

Total revenue grew 56.3% year over year to $37.8 million from $24.2 million, and total operating expenses climbed 56.5% year over year to $35.9 million from $23.0 million.

Reported net income came to a loss of $12.7 million, or a loss of $1.06 per share, compared to income of $1.2 million, or 4 cents per share, in the first quarter ended March 26, 2014.