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Mar 31, 2024
Sweetgreen Q1 2024 Earnings Report
Sweetgreen's financial performance in Q1 2024 demonstrated substantial year-over-year growth and improved profitability.
Key Takeaways
Sweetgreen reported a strong first quarter in 2024, with a 26% increase in total revenue to $157.9 million. The company's Restaurant-Level Profit Margin expanded by 400 basis points to 18%, and it achieved positive Adjusted EBITDA of $0.1 million. Sweetgreen is updating its financial guidance for fiscal year 2024 to reflect the strength of the first quarter.
Total revenue increased by 26% to $157.9 million compared to the prior year.
Same-Store Sales Change was 5%, consistent with the prior year period.
Restaurant-Level Profit Margin expanded by 400 basis points to 18%.
Adjusted EBITDA was positive at $0.1 million, compared to $(6.7) million in the prior year.
Sweetgreen
Sweetgreen
Forward Guidance
Sweetgreen provided financial guidance for fiscal year 2024, reflecting the strength of the first quarter.
Positive Outlook
- Net New Restaurant Openings: 23-27
- Revenue: $660 million to $675 million
- Same-Store Sales Change: 4-6%
- Restaurant-Level Profit Margin: 18.5%-20%
- Adjusted EBITDA: $10 million to $19 million