Sweetgreen Q1 2022 Earnings Report
Key Takeaways
Sweetgreen, Inc. reported a 67% year-over-year increase in revenue for Q1 2022, reaching $102.6 million. The company's restaurant-level profit margins also expanded. Despite Omicron headwinds, AUVs recovered to $2.8 million. The company reaffirms its outlook for fiscal year 2022, anticipating at least 35 net new restaurant openings and revenue ranging from $515 million to $535 million.
Total revenue increased by 67% year-over-year to $102.6 million.
Same-store sales change was 35%, compared to (26)% in the prior year period.
Restaurant-level profit was $13.3 million with a margin of 13%, up from $2.1 million and 3% in the prior year period.
The company opened 8 net new restaurants during the quarter.
Sweetgreen
Sweetgreen
Forward Guidance
For fiscal year 2022, Sweetgreen anticipates at least 35 Net New Restaurant Openings, Revenue ranging from $515 million to $535 million, Same-Store Sales Change of between 20% and 26%, Restaurant-Level Profit Margin between 16% and 17%, and Adjusted EBITDA between $(40) million to $(33) million.
Positive Outlook
- Anticipates at least 35 Net New Restaurant Openings
- Expects Revenue ranging from $515 million to $535 million
- Projects Same-Store Sales Change of between 20% and 26%
- Estimates Restaurant-Level Profit Margin between 16% and 17%
- Forecasts Adjusted EBITDA between $(40) million to $(33) million