Why Shake Shack Stock Surged Today

Shake Shack (NYSE: SHAK) jumped 13.3% on Tuesday after the restaurant chain released preliminary fourth-quarter results that were better than many investors expected.

Shake Shack's revenue soared 29% year over year to $203.3 million, driven by restaurant openings and a 20.8% increase in same-store sales at company-owned locations. Both figures were above Wall Street's estimates, which had called for revenue of $198 million and comp growth of 16.9%.

Notably, Shake Shack's comps also rose 2.2% compared to the pre-pandemic fourth quarter of 2019, marking the chain's recovery from its coronavirus-related lows in early 2020.

Source Fool.com