Sweetgreen Q2 2022 Earnings Report
Key Takeaways
Sweetgreen reported a 45% increase in revenue for Q2 2022, reaching $124.9 million, and an improvement in restaurant-level margins to 18.5%. However, the company experienced a net loss of $40.0 million and has lowered its 2022 guidance due to softness in revenue observed around Memorial Day.
Total revenue increased by 45% year-over-year, reaching $124.9 million.
Same-store sales increased by 16% compared to the prior year.
Restaurant-level profit margin improved to 18%, up from 15% in the prior year.
The company lowered its 2022 revenue guidance due to recent softness in sales.
Sweetgreen
Sweetgreen
Forward Guidance
For fiscal year 2022, Sweetgreen anticipates at least 35 net new restaurant openings, revenue ranging from $480 million to $500 million, same-store sales change of between 13% and 19%, restaurant-level profit margin between 15% and 17%, and adjusted EBITDA between $(45) million to $(35) million.
Positive Outlook
- At least 35 Net New Restaurant Openings
- Revenue ranging from $480 million to $500 million
- Same-Store Sales Change of between 13% and 19%
- Restaurant-Level Profit Margin between 15% and 17%