Shake Shack 2016 Annual Report Download - page 54

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Table of Contents
RESULTS OF OPERATIONS
The following table summarizes our results of operations for fiscal 2015 , 2014 and 2013 :
(dollar amounts in thousands) 2015
2014 (1)
2013
Shack sales $ 183,219 96.1 %
$ 112,042 94.5%
$ 78,587 95.3%
Licensing revenue 7,373 3.9 %
6,488 5.5%
3,869 4.7%
TOTAL REVENUE 190,592 100.0 %
118,530 100.0%
82,456 100.0%
Shack-level operating expenses (2) :
Food and paper costs 54,079 29.5 %
34,925 31.2%
23,865 30.4%
Labor and related expenses 44,752 24.4 %
29,312 26.2%
20,096 25.6%
Other operating expenses 16,307 8.9 %
11,191 10.0%
7,315 9.3%
Occupancy and related expenses 15,207 8.3 %
9,753 8.7%
6,892 8.8%
General and administrative expenses 37,825 19.8 %
18,187 15.3%
12,453 15.1%
Depreciation expense 10,222 5.4 %
5,809 4.9%
3,541 4.3%
Pre-opening costs 5,430 2.8 %
6,105 5.2%
2,334 2.8%
Loss on disposal of property and equipment 17 — %
105 0.1%
25 —%
TOTAL EXPENSES 183,839 96.5 %
115,387 97.3%
76,521 92.8%
OPERATING INCOME 6,753 3.5 %
3,143 2.7%
5,935 7.2%
Interest expense, net 325 0.2 %
363 0.3%
52 0.1%
INCOME BEFORE INCOME TAXES 6,428 3.4 %
2,780 2.3%
5,883 7.1%
Income tax expense 3,304 1.7 %
662 0.6%
460 0.6%
NET INCOME 3,124 1.6 %
2,118 1.8%
5,423 6.6%
Less: net income attributable to non-controlling interests 11,900 6.2 %
——%
——%
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC. $ (8,776) (4.6)%
$ 2,118 1.8%
$ 5,423 6.6%
(1) We operate on a 52/53 week fiscal year that ends on the last Wednesday of the calendar year. Fiscal year 2014 was a 53-week year. Fiscal 2015 and 2013 each contained
52 weeks.
(2) As a percentage of Shack sales.
Shake Shack Inc. Form 10-K | 52