-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：SHAK第一季度营收为3.667亿美元，同比增长14.3%，但低于市场预期的3.72亿美元。同店销售额增长4.6%，客流量增长1.4%。调整后EBITDA下降9.3%至3700万美元，低于市场预期的4560万美元；利润率下降260个基点至10.1%；调整后每股收益为盈亏平衡点，而去年同期为0.14美元。门店增长加速表明公司对扩张经济效益充满信心，管理层在第一季度创纪录地新增17家门店后，将全年公司自营门店开业目标从55-60家上调至60-65家。天气因素导致同店销售额下降240个基点，表明实际增长趋势强于报告数据。我们认为利润率下降主要是由于在数字化和技术举措方面增加的行政管理费用（上升190个基点至营收的14.6%），而餐厅层面的利润率则因劳动力成本杠杆作用抵消了牛肉价格上涨的影响而上升50个基点至21.2%。关键问题在于，这种行政管理费用的增加是否只是暂时的，以及门店数量的加速增长能否带来足够的运营杠杆效应，从而恢复利润率的增长势头。
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