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Jun 25, 2023
Sweetgreen Q2 2023 Earnings Report
Sweetgreen's Q2 2023 performance reflected a commitment to balancing growth and profitability.
Key Takeaways
Sweetgreen reported a 22% increase in total revenue to $152.5 million, achieved a restaurant level margin of over 20%, and reached Adjusted EBITDA profitability of $3.3 million.
Total revenue increased by 22% to $152.5 million compared to the prior year period.
Same-Store Sales Change was 3%, compared to 16% in the prior year period.
Restaurant-Level Profit was $31.1 million, with a Restaurant-Level Profit Margin of 20%.
Adjusted EBITDA was $3.3 million, a significant improvement from $(7.8) million in the prior year period.
Forward Guidance
Sweetgreen updated its fiscal year 2023 guidance to reflect a higher Restaurant-Level Profit Margin and a lower Adjusted EBITDA loss.
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 16% and 18%
- Adjusted EBITDA between $(10) million and $(0) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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