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Sep 29, 2024
Sweetgreen Q3 2024 Earnings Report
Sweetgreen's Q3 2024 performance was driven by menu innovation and operational execution, resulting in revenue growth and improved profitability.
Key Takeaways
Sweetgreen reported a strong third quarter with a 13% increase in total revenue, driven by a 6% increase in same-store sales. The company's restaurant-level profit margin improved to 20.2%, and adjusted EBITDA increased to $6.8 million. Sweetgreen is raising its fiscal year 2024 guidance.
Total revenue increased by 13% to $173.4 million compared to the prior year period.
Same-store sales increased by 6%, driven by positive traffic and mix.
Restaurant-level profit margin improved to 20.2%, a more than 100 basis point increase from the third quarter of 2023.
Adjusted EBITDA increased to $6.8 million, up from $2.5 million in the third quarter of 2023.
Sweetgreen
Sweetgreen
Forward Guidance
Sweetgreen is updating its financial guidance for fiscal year 2024 to reflect the strength of its first three quarters.
Positive Outlook
- 24-26 Net New Restaurant Openings
- Revenue ranging from $675 million to $680 million
- Same-Store Sales Change between 6-7%
- Restaurant-Level Profit Margin of 19.5%-20%
- Adjusted EBITDA between $18 million to $20 million