Sweetgreen Stock Jumps 20% After Beating Q2 Revenue Estimates and Raising Guidance
Stock Earnings Results
August 12, 2024
Sweetgreen's stock surged +20% August 9th after reporting better-than-expected Q2 revenue of $184.6 million, a 21% increase from the previous year.
The company improved same-store sales by 9% and reduced its net loss to $14.5 million.
Management raised their fiscal year 2024 revenue and EBITDA guidance, reflecting strong performance.
The company continues to open successful new restaurants across the country, he said, and its new menu item, Caramelized Garlic Steak, has become a customer favorite.
Although Sweetgreen has expanded store-level margins by two percentage points to 22% of sales, on the corporate level, it’s still not profitable yet.
The company posted a net loss of $14.5 million in the second quarter, with a loss margin of 8%. Still, that’s a big improvement from the $27.3 million loss, which represents 18% of sales, in the year-ago period.
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