Sweetgreen Q3 2023 Earnings Report
Key Takeaways
Sweetgreen, Inc. reported a 24% increase in total revenue to $153.4 million compared to the prior year period. The company saw a Same-Store Sales Change of 4% and Restaurant-Level Profit Margin of 19%. Adjusted EBITDA was $2.5 million, a significant improvement from the prior year. The company also reported a net loss of $(25.1) million and 15 net new restaurant openings.
Total revenue increased by 24% to $153.4 million.
Same-Store Sales Change was 4%.
Restaurant-Level Profit Margin improved to 19%, a 300 basis point increase.
Adjusted EBITDA was positive at $2.5 million.
Sweetgreen
Sweetgreen
Forward Guidance
Sweetgreen anticipates the following for the full year 2023: 35 Net New Restaurant openings, Revenue ranging from $575 million to $585 million, Same-Store Sales Change between 3% and 5%, Restaurant-Level Profit Margin between 16.5% and 17.5%, and Adjusted EBITDA between $(8) million and $(3) million
Positive Outlook
- 35 Net New Restaurant openings
- Revenue ranging from $575 million to $585 million
- Same-Store Sales Change between 3% and 5%
- Restaurant-Level Profit Margin between 16.5% and 17.5%
- Adjusted EBITDA between $(8) million and $(3) million