Shake Shack announced the reopening of its flagship restaurant at Madison Square Park in New York City today.
Following the reopening of the flagship restaurant, the shares of Shake Shack were trading higher. At the time of this writing, around 1:46 in the afternoon, the stock price of the restaurant operator was $81.50 per share, up by more than 6%.
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Shake Shack flagship restaurant was completely renovated
According to Shake Shack, its flagship restaurant at Madison Square Park underwent renovations for more than seven months. The company said the new and improved restaurant was carefully rebuilt to last for many years to come.
Shake Shack CEO Randy Garutti said, “When Shake Shack renewed our lease with the City of New York, we committed to a complete renovation to restore the original Shack and prepare for the decade to come. After more than seven months of complete renovation, we couldn’t be more excited to reopen and continue to serve as a community gathering place for New Yorkers and visitors alike.”
The company is inviting Shake Shack enthusiasts to its free, open-to-the-public celebration of the reopening of its flagship restaurant. Its Park Burger is topped with cave-aged Jasper Hill Farm raw cow’s milk cheese sauce, and all-natural Niman Ranch Applewood smoked bacon.
Shake Shack and its long-time partner Brooklyn Brewery are offering a special collaborative beer called SHACK Phoenix to celebrate the occasion. The company said its first 100 guests will receive a free Boundless Brooklyn commemorative model of its flagship restaurant.
Shake Shack financial and stock performance
Last week, Shake Shack reported its financial results for the first quarter. Its revenue increased 56.3% to $37.8 million in the first quarter of 2015. Its non-GAAP operating profit increased 78.9% to $9.3 million.
The company reported net losses of $12.7 million or $1.06 per diluted share primarily due to after-tax expenses related to its initial public offering (IPO).
One of the analysts covering Shake Shack commented that its financial performance for the quarter was “historically impressive beat and raise.”
Yesterday, CNBC’s Jim Cramer commented his program Mad Money that Shake Shack is the “Tesla for burgers.”
The shares of Shake Shack traded between $38.63 and $84.98 per share since its IPO, gaining more than 78% of stock value.