Shake Shack stock jumped 7% Tuesday and is up 14% in August.
Key points The restaurant chain had record revenue in the second quarter and saw net income rise 44% Several analysts gave Shake Shack price target upgrades after earnings were released. The burger and shake restaurant chain has been lifted by unexpectedly strong Q2 earnings. Shake Shack stock has been on a tear over the past week, rising some 14% since the burger and shake chain posted blowout second quarter earnings on Aug. 1.
4 million, or 23 cents per share. Further, adjusted net income rose 54% to $12.1 million, or 27 cents per share. Earnings were in line with estimates. Growth was buoyed by the opening of 12 new Shake Shacks in the quarter, including three drive-throughs. It also licensed another 11 new Shake Shacks. Same store sales increased 4% in the quarter.
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