Shake Shack (NYSE: SHAK) reported Q1 EPS of $0.08, $0.03 better than the analyst estimate of $0.05. Revenue for the quarter came in at $54.2 million versus the consensus estimate of $52.06 million.

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “With the extraordinary results in Q1, we are off to a strong start to the year. We have continued to execute on our growth strategy and drive record results and engagement with our guests, while making crucial investments in our team and our Shacks. The recent launch of the Chick’n Shack at all domestic company-operated locations has driven traffic growth and created an entirely new way our guests can enjoy the Shack. During the quarter, we opened three domestic company-operated Shacks including our first Shack in California in the heart of West Hollywood, which has been one of the strongest openings in our 12-year history. We are incredibly excited about the 2016 pipeline and have now raised our revenue expectations and increased guidance to open at least 16 domestic company-operated Shacks this year. We’re looking forward to a great year ahead."

GUIDANCE:

Shake Shack sees FY2016 revenue of $245-249 million, versus prior guidance of $237-242 million, versus the consensus of $242.87 million.

Updated 2016 Outlook

For the fiscal year ending December 28, 2016, the Company is revising its financial outlook to the following:

• Total revenue between $245 million and $249 million (vs. $237 million to $242 million).
• Same-Shack sales growth between 4% and 5% (vs. between 2.5% and 3.0%).
• 16 (vs. 13) total new domestic company-operated Shacks to be opened in 2016.
• Seven licensed Shacks to be opened under the Company's current license agreements in the U.K., Middle East and Japan.
• Approximately 75 to 100 basis points (vs. 100 to 150 basis points) of deleverage in labor and related expenses as a percentage of Shack sales, on a year-over-year basis.
• Adjusted pro forma effective tax rate between 40% and 41% (vs. 43% and 44%).

For earnings history and earnings-related data on Shake Shack (SHAK) click here.