Shares of Shake Shack Inc. SHAK, -3.05% shot up 6.0% in premarket trading Thursday, after the burger chain reported a narrower-than-expected first-quarter loss and sales that rose more than forecast. The net loss for the quarter narrowed to $1.5 million, or 4 cents a share, from $10.2 million, or 26 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 1 cent beat the FactSet loss consensus of 8 cents. Revenue grew 24.5% to $253.3 million, above the FactSet consensus of $238.3 million, as same-Shack sales growth of 10.3% beat expectations of an 8.7% rise. Total expenses rose less than revenue, up 17.5% to $256.5 million, as food and paper costs rose 19.9% and labor and related expenses increasing 22.8%. The stock has soared 27.2% year to date through Wednesday, while the S&P 500 SPX, -0.70% has gained 6.5%.
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