Sweetgreen (SG) Q1 2022 earnings
Sweetgreen banner at the NYSE on November 18, 2021.
SweetgreenThe company announced Thursday that its losses were increasing for the quarter. But sales increased 67% thanks to more customer transactions, and an increase in menu prices.
The company’s shares rose by more than 4 percent in extended trading.
Based on an analysis of Wall Street analysts, here’s the report from the company.
- Loss per share: 45 cents vs. 41 cents expected
- Revenue: $102.6 million vs. $101.5 million expected
This salad chain posted a first quarter net loss in the amount of $49.2million, which is 45 cents per share. Its loss was higher than that of $30 million or $1.77 per shares a year ago. Refinitiv surveyed analysts and they expected a 41 cent loss per share.
Sweetgreen stated that this quarter’s wider losses were caused by a $21 million increase of stock-based compensation. The company lost some of its restaurant margins due to higher wages and bonuses from employees. This was partially compensated by the decision to discontinue its loyalty program.
Net sales It rose to $102.6million, surpassing expectations of $101.5million.
Sweetgreen’s same store sales increased 35% after falling 26% last year. Higher customer transaction and increased menu prices were cited by the chain. In the last one year, the company raised its prices by 10%.
Sweetgreen reiterated the outlook for 2022. The company forecasts revenue at $515 to $535 millions and sales growth of 20%-26%.
Check out the earnings release of the company here.