Market Updates
Sweetgreen Same Store Sales Jump 35%, Loss Widens
Scott Peters
06 May, 2022
New York City
Sweetgreen, Inc reported first quarter 2022 revenues increased 67% to $102 million and net loss expanded to $49.2 million from $30 million a year ago.
Diluted loss per share decreased to 49 cents on 109 million shares from $1.77 a year ago on 17 million shares.
The increase in loss was driven by an increase of $21.0 million stock-based compensation in general and administrative expenses.
Same store sales increased 35% consisted of a 25% increase from transactions and 10% from menu price increases.
Outlook and Guidance
For fiscal year 2022, the salad chain guided revenues between $515 million and $535 million and same store sales change between 20% and 26%.
The company also estimated restaurant level profit margin between 16% and 17% and adjusted operating loss between $40 million and $33 million.
Company and Stock
Sweetgreen, Inc headquartered in Los Angeles, California operates over 140 locations and about 550 pick-up only locations or outposts.
Sweetgreen priced its 13 million shares of public offering at $28 a share in November 2021
Sweetgreen stock had declined 36% in the year-so-far.
Annual Returns
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Earnings
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