Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
Sweetgreen Reports Quarterly Sales Below Expectations but Narrows Losses
Sweetgreen’s Latest Financial Results
Sweetgreen, a salad chain that went public in November 2021, reported quarterly sales that fell short of Wall Street’s expectations, but the company managed to narrow its losses.
The company also raised its forecast for restaurant-level margins and expressed confidence in breaking even on its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) this year. Sweetgreen aims to achieve profitability for the first time by 2024.
However, shares of the company dropped by 9% in extended trading, and the stock closed Thursday with a decline of over 5%.
Key Financial Figures
Here are the figures reported by Sweetgreen:
- Loss per share: 24 cents (Refinitiv consensus estimates had projected 16 cents)
- Revenue: $152.5 million (analysts polled by Refinitiv had expected $156.7 million)
In the second quarter, the salad chain reported a net loss of $27.3 million, or 24 cents per share. This represents an improvement compared to the net loss of $40.5 million, or 37 cents per share, reported in the same period last year.
Additionally, the company’s adjusted EBITDA improved to $3.3 million, a significant swing from the loss of $7.8 million recorded in the year-ago period.
Factors Contributing to Improved Margins
Sweetgreen CEO Jonathan Neman attributed the company’s expanded margin at the restaurant level to several factors:
- Labor savings resulting from reduced turnover and more efficient store staffing
- Reduced spending on ingredients, thanks to an effective supply chain procurement team
Neman praised the team for maintaining high-quality ingredients while adopting a more disciplined approach to cost management.
Other Financial Highlights
Net sales rose by 22% to $152.5 million, driven by the opening of new restaurants. Same-store sales experienced a 3% growth in the quarter, supported by price increases.
Revised Outlook for 2023
Sweetgreen has adjusted its outlook for 2023:
- Restaurant-level margins are now projected to be between 16% and 18%, up from the previous range of 15% to 17%.
- Adjusted EBITDA is expected to range from a $10 million loss to breaking even, compared to the earlier forecasted loss of $13 million to $3 million.
The company maintains its other outlook, projecting revenue between $575 million and $595 million and same-store sales growth of 2% to 6%.
