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Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-expected sales and comparable store sales decelerated from a year ago.

Revenue in the second quarter increased 22% to $152.5 million from $124.9 million and same store sales change slowed to 3% from 16% a year ago.

Average restaurant sales were stable around $2.9 million in the last four quarters.

Restaurant-level profit was $31.1 million and restaurant-level profit margin was 20% compared to $23.1 million and 19% respectively in the prior year period.

Net loss declined to $27.3 million from $40.5 million and diluted loss per share decreased to 24 cents from 37 cents a year ago.

The salad chain forecasted fiscal year 2023 revenue between $575 million and $595 million and same store sales to increase between 2% and 6%, and restaurant level profit margin between 16% and 18% compared to the previous estimate between 15% and 17%.

The company estimated net new restaurants opening between 30 and 35 in 2023.

28 Jul, 2023

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