Sweetgreen Inc. reported second-quarter revenue of $185.6 million, missing Wall Street estimates of about $192 million and rising just 0.5% from a year earlier. Adjusted earnings came in at a loss of 20 cents a share, wider than the 11-cent loss analysts had projected. Adjusted EBITDA was $6.4 million, roughly 40% below expectations, while the margin narrowed to 3.5%. Comparable-restaurant sales fell 7.6% year-on-year after a 10.1% traffic drop, marking the salad chain’s second consecutive quarterly decline. Chief Executive Officer Jonathan Neman said the quarter was hurt by macroeconomic pressure, a tough comparison with last year’s strong period and the switch to a new loyalty program. Management lowered its 2025 outlook, now forecasting full-year same-store sales will contract 6% to 4%, versus prior assumptions for a milder decline and well below the consensus of about 1%. The company said it will try to reignite demand with larger protein portions, lower-priced menu items and further menu tweaks. Investors punished the stock, sending it down as much as 30% in pre-market New York trading before the open on Friday. Barclays cut its price target to $10 from $17 and retained an Equal Weight rating, while Goldman Sachs reduced its target to $11 from $15, citing the top- and bottom-line miss and the weaker outlook.