, exceeding the earnings of 20 cents per share Wall Street expected, according to Refinitiv. Shake Shack matched revenue estimates at $157.8 million.
Same-store-sales increased by 2%, falling short of the 2.5% increase analysts had forecast. Shake Shack expects between 40 and 42 new domestic company-operated stores and between 20 and 25 new licensed stores to be opened in the 2020 fiscal year, the company detailed in its preliminary outlook.shares plummeted more than 30% after the company reported first-quarter earnings that missed expectations, lowered its full-year outlook and issued weak guidance for its second quarter.
"We had a challenging start to fiscal year 2020 as hereditary cancer revenue accrual from small payers was impacted by the deletion of the historical hereditary cancer CPT codes," said President and CEO Mark Capone. "Despite this setback, we expect earnings to be significantly higher in the second half of the fiscal year and believe that a number of important upsides will materialize during the fiscal year generating momentum as we transition into fiscal year 2021.
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