Thesis
Shake Shack (SHAK) reported another quarter of blistering revenue growth. Sales grew 32% vs. last year largely due to the opening of 17 new restaurants. Sales growth in existing restaurants was up 2%.
This isn't terrible comps growth. This time last year, same-store sales growth was up less than 1%. And same-store sales growth has peaked as high as 3.6% in recent quarters. The company says it has expected lower same-store growth as it invests in expansion this year.
Competing burger chains - mature burger chains - are posting much better same-store