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Dec 31, 2023
Sweetgreen Q4 2023 Earnings Report
Sweetgreen's Q4 2023 earnings reflect a strong finish to the year, marked by revenue growth, improved profitability, and strategic innovation.
Key Takeaways
Sweetgreen reported a 29% increase in total revenue to $153.0 million for Q4 2023, driven by new restaurant openings and a 6% increase in same-store sales. The company's restaurant-level profit margin expanded to 16%, and the net loss decreased to $(27.4) million. Sweetgreen is focused on menu innovation and restaurant operations.
Total revenue increased by 29% to $153.0 million compared to the prior year.
Same-store sales increased by 6%, driven by menu price increases and traffic/mix.
Restaurant-level profit margin improved to 16%, up from 11% in the prior year.
Net loss decreased to $(27.4) million, reflecting improved profitability.
Sweetgreen
Sweetgreen
Forward Guidance
For fiscal year 2024, Sweetgreen anticipates between 23-27 net new restaurant openings, revenue ranging from $655 million to $670 million, same-store sales change between 3-5%, restaurant-level profit margin of 18.0%-19.5%, and adjusted EBITDA between $8 million to $15 million.
Positive Outlook
- 23-27 Net New Restaurant Openings
- Revenue ranging from $655 million to $670 million
- Same-Store Sales Change between 3-5%
- Restaurant-Level Profit Margin of 18.0%-19.5%
- Adjusted EBITDA between $8 million to $15 million