Sweetgreen Revenue Growth Update
Sweetgreen's Shares Leap 11% in Post-Market Trading
Shares of Sweetgreen surged 11% on Thursday, reaching $14.20 in post-market trading following the company's announcement of higher-than-expected revenue growth projections for the first quarter.
Strong Revenue Forecast for Q1 and Full Year
The popular salad-restaurant chain anticipates first-quarter revenue to range between $150 million and $154 million, surpassing analysts' estimates of $147.8 million as reported by FactSet. Additionally, Sweetgreen projects full-year revenue of $655 million to $670 million, slightly exceeding Wall Street analysts' expectations of $661.5 million.
Improved Financial Performance in Q4
Sweetgreen reported a narrower net loss of $27.4 million, or 24 cents per share for the fourth quarter, compared to a loss of $49.3 million, or 44 cents per share during the same period last year. This positive result was driven by a substantial increase in revenue, which grew by 29% to $153 million, exceeding analysts' predicted $152 million.
CEO Optimistic About Future Growth
Chief Executive Jonathan Neman expressed confidence in the company's outlook for 2024. He stated, "We have a strong foundation to build off in 2024, and we will continue to focus on menu innovation, great restaurant operations, and the Infinite Kitchen to capture demand and drive traffic."
For more information, contact Sweetgreen at www.sweetgreen.com.
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