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Mar 26, 2023
Sweetgreen Q1 2023 Earnings Report
Sweetgreen demonstrated strong sales and reduced losses, supported by positive traffic growth.
Key Takeaways
Sweetgreen reported a 22% increase in total revenue, reaching $125.1 million, and a same-store sales increase of 5%. The company also reduced its net loss to $(33.7) million, driven by increased restaurant-level profit and decreased general and administrative expenses. Sweetgreen is focused on launching its loyalty program and expanding its menu to drive further growth.
Total revenue increased by 22% to $125.1 million compared to the prior year.
Same-store sales increased by 5%, driven by menu price increases and transaction growth.
Net loss decreased to $(33.7) million from $(49.7) million in the prior year.
Restaurant-level profit margin improved to 14% due to sales leverage and improved labor efficiencies.
Forward Guidance
Sweetgreen reiterates its full year guidance, with the exception of adjusted EBITDA loss, which now includes the $6.9 million benefit from employee retention credits.
Positive Outlook
- 30-35 Net New Restaurant openings
- Revenue ranging from $575 million to $595 million
- Same-Store Sales between 2% and 6%
- Restaurant-Level Profit Margin between 15%-17%
- Adjusted EBITDA between $(13) million to $(3) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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