{"id":9337,"date":"2023-11-03T22:49:17","date_gmt":"2023-11-03T22:49:17","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/sweetgreens-q3-revenue-growth-falls-short-of-expectations-shares-decline\/"},"modified":"2023-11-03T22:49:17","modified_gmt":"2023-11-03T22:49:17","slug":"sweetgreens-q3-revenue-growth-falls-short-of-expectations-shares-decline","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9337","title":{"rendered":"Sweetgreen’s Q3 revenue growth falls short of expectations, shares decline"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Sweetgreen (NYSE:SG), the modern fast food chain, reported a 23.7% year-over-year (YoY) increase in Q3 FY2023 revenues, reaching $153.4 million. Despite the growth, the figures fell short of analysts’ expectations, causing a 2.27% decline in the company’s share price to $10.78 per share.<\/p>\n

Although Sweetgreen missed its revenue targets, it posted a positive Adjusted EBITDA and an increase in its GAAP gross margin from 16% to 19%. The company also reported a 4% YoY growth in same-store sales and added 45 new store locations, bringing the total to 220.<\/p>\n

However, Sweetgreen’s full-year revenue guidance of $580 million and GAAP loss of $0.22 per share also did not meet estimates. Despite this, CEO Jonathan Neman highlighted the strong performance of the quarter with over 20% revenue growth and positive adjusted EBITDA.<\/p>\n

In terms of expansion, the company has seen significant progress. Sweetgreen increased its number of stores by 25.7% to 220 locations in the most recent quarter, indicating a healthy demand for its meals and opportunities for further growth. Over the past eight quarters, the company has averaged a 24.7% annual increase in new locations.<\/p>\n

Despite having a market capitalization of $1.17 billion and more than $274.7 million in cash on hand, Sweetgreen\u2019s Q3 results were considered mediocre as gross margin, revenue, and full-year revenue guidance fell short of Wall Street’s expectations.<\/p>\n

Sweetgreen’s same-store sales growth has consistently outpaced the broader restaurant sector, averaging a 10.4% YoY increase over the last eight quarters. This is largely attributed to its quality-centric menus offered at premium prices.<\/p>\n

Founded in 2007 and led by CEO Jonathan Neman, Sweetgreen has seen an impressive annualized revenue growth rate of 45% over the past four years due to its smaller base, despite the recent miss on the revenue targets.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Sweetgreen (NYSE:SG), the modern fast food chain, reported a 23.7% year-over-year (YoY) increase in Q3 FY2023 revenues, reaching $153.4 million….<\/p>\n","protected":false},"author":1,"featured_media":1844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-9337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nSweetgreen's Q3 revenue growth falls short of expectations, shares decline | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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