Sweetgreen Q3 2022 Earnings Report
Key Takeaways
Sweetgreen, Inc. reported a 29% increase in total revenue to $124.0 million for Q3 2022 compared to the prior year period. The company's adjusted EBITDA loss narrowed to $6.8 million from $14.1 million in the same quarter of the previous year. Sweetgreen remains focused on operational improvements and expansion plans for 2023.
Total revenue increased by 29% to $124.0 million compared to the prior year period.
Same-store sales change was 6%, influenced by menu price increases.
Restaurant-level profit was $19.8 million with a margin of 16%, up from 14% in the prior year period.
Adjusted EBITDA loss narrowed to $6.8 million from $14.1 million in the prior year period.
Sweetgreen
Sweetgreen
Forward Guidance
Sweetgreen anticipates revenue at or slightly below the low end of its prior outlook for fiscal year 2022 and reaffirms its outlook of at least 35 Net New Restaurant Openings.