$SG now down less than -1% today. Mgmt’s goal is to expand # restaurants by +15% in FY’2025, which would push rev growth back to 20%+. https://t.co/aDYKIwIIb0 https://t.co/a0qymkoRmD
Reposting. $SG now -2%. https://t.co/a0qymkoRmD
$SG (-14.5% pre) Sweetgreen, Inc. (SG) Reports Q3 Loss, Misses Revenue Estimates https://t.co/OUCvfi2bm6
Sweetgreen Inc. (SG) reported its Q3 FY2024 earnings with revenue of $173.4 million, missing the estimated $175.5 million, but showing a 13% year-over-year increase. The company posted an EPS of -$0.18, slightly below the estimated -$0.16, and a net loss of $20.8 million, an improvement from the $25.1 million loss in Q3 2023. Same-store sales grew by 6%, up from 4% in the previous year. Restaurant-level profit stood at $34.9 million. Following these results, Goldman Sachs downgraded Sweetgreen from Buy to Neutral, maintaining a price target of $40. Despite the downgrade, Sweetgreen's management aims to expand its number of restaurants by 15% in FY2025, potentially pushing revenue growth back to over 20%. Pre-market trading saw Sweetgreen shares fall by 14.5%. The downgrade was influenced by the performance of Sweetgreen's Infinite Kitchen (IK).
