Shake Shack reported financial results for the first quarter ended April 1, 2015. Total revenue, which includes Shack sales and licensing revenue, increased 56.3% to $37.8 million from $24.2 million for the first quarter of 2014.
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Shack sales for the first quarter of 2015 were $36 million, an increase of 59.2% versus the same quarter last year due primarily to the opening of new Shacks, as well as same-Shack sales growth.
Licensing revenue for the first quarter was $1.8 million, an increase of 13.2% from $1.6 million in the same quarter last year, due primarily to the opening of new international licensed Shacks.
Same-Shack sales increased 11.7% for the first quarter of 2015, on a calendar basis, versus 3.9% growth in the first quarter last year. The comparable Shack base includes those restaurants open for 24 months or longer. For the first quarter of 2015, the comparable Shack base included 13 Shacks versus 9 Shacks for the first quarter of 2014.
Average weekly sales for domestic company-operated Shacks were $89,000 for the first quarter of 2015 compared to $83,000 for the same quarter last year, a 7.2% increase, primarily due to increased menu prices, favorable shifts in sales mix from menu innovation and strong performance from several Shacks opened in the latter half of fiscal 2014, including Las Vegas and Chicago.
Shack-level operating profit, a non-GAAP measure, increased 78.3% to $9.3 million for the first quarter of 2015 from $5.2 million in the same quarter last year. As a percentage of Shack sales, Shack-level operating profit margins increased 270 basis points to 25.7% as we experienced higher flow through from leveraging labor and other operating expenses on increased Shack sales.
General and administrative expenses increased to $18.4 million for the first quarter of 2015 from $3.4 million in the same quarter last year. This increase was primarily due to $12.8 million of non-recurring compensation expenses incurred in connection with the vesting of equity awards upon consummation of our IPO and $0.6 million of incremental IPO-related expenses.
Adjusted EBITDA, a non-GAAP measure, increased 94.0% to $7.0 million. As a percent of total revenue, adjusted EBITDA margins increased approximately 360 basis points to 18.5% compared to 14.9% for the year ago period.
Net loss was $12.7 million, or $1.06 per diluted share, for the first quarter of 2015, compared to net income of $1.1 million, or $0.04 per diluted unit, for the same period last year. The net loss for the first quarter of 2015 includes $13.2 million of after-tax expenses incurred in connection with the company's initial public offering.
Adjusted pro forma net income, a non-GAAP measure, increased 102.2% to $1.3 million, or $0.04 per fully exchanged and diluted share during the first quarter of 2015, compared to $0.6 million, or $0.02 per diluted share during the first quarter of 2014. A reconciliation between net income and adjusted pro forma net income is included in the accompanying financial data. ■