Shake Shack’s stock is down 7.3% at $30.50 a share after the company reported same-store sales that were less than analyst estimates.
Comparable sales for the quarter saw a 2.5% contraction, missing consensus forecasts of 0.2% growth. The fast-casual chain also said full-year 2017 same-store sales will be flat, trimming previous guidance for 2-3% growth.
“We are clearly dissatisfied with our comp result in Q1,” CEO Randy Garutti said in a statement. “But as a reminder, our small comp base is made up of only 32 Shacks, the majority of which exist in the Northeast region which was most affected by cold weather and the holiday shift in March.”
Shake Shack’s adjusted gain for the period was $0.10 per share, beating consensus estimates of $0.08. The company also reported revenue of $76.7 million, topping the analyst forecasts of $74.7 million.
The push lower in Shake Shack shares comes on the heels of a three-day decline, including a 2.7% loss during regular trading on Thursday. The stock has dropped 20% since climbing to a five-month high in August 2016.
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