In the minds of Wall Street, Shake Shack (SHAK) - Get Report has officially lost its sizzle.

After Thursday's market close, Shake Shack reported revenue of $76.7 million, higher than the $74.7 million analysts surveyed at Factset expected. The company posted earnings of nine cents a share, slightly beating Wall Street's estimate for earnings of 8 cents a share.

But, shares of Shack Shack plunged as much as 15 percent in after-market trading.

The disappointment likely lies in the fact that Shake Shack saw its same-store sales decline 2.5 percent for the three months ended March 29. The company said the decline can be attributed to a 3.4 percent fall in foot traffic. Shake Shack's same-store sales have now slowed for five straight quarters.

Shake Shack CEO Randy Garutti told analysts on a conference call that the slip in same-store sales can also be attributed to the colder-than-expected March weather in its key Northeast market and its January promotion where the company gave out 90,000 free burgers to the customers who downloaded its new app, "not reflected in revenue." The declines were offset by a 0.9 percent increase in prices.

Out of the 32 restaurants Shake Shack operates in the U.S., 15 are located in New York City.

For the full year, Shake Shack said it expects its same-store sales to be flat and to generate revenue between $351 million and $355 million, above its previous guidance of $349 million to $353 million.

Garutti said Shake Shack also expects to open between 23 and 24 new restaurants in the U.S. this year, most coming at the end of 2017. Previously, the company said it would open 21 to 23 new locations.

Despite a successful 2015 IPO - when Shake Shack saw its share price more than double in the first day of trading from its $21 pricing to just 10 cents shy of $50 - the company has seen its stock tumble 27.82 percent since.