People dine outside a Sweetgreen restaurant in Manhattan.
Gina Moon | The Washington Post | Getty Images
sweet green The company’s shares soared 35% on Friday after its first-quarter revenue topped Wall Street expectations.
The salad chain posted revenue of $158 million, beating LSEG’s consensus estimate of $152 million. That’s up 26% from the same period last year, when the company reported revenue of $125.1 million.
Sweetgreen also raised revenue and adjusted full-year EBITDA guidance. As of 2024, the company’s stock price has risen 189%.
The company opened six new restaurants in the first quarter, CEO and co-founder Jonathan Nyman said on an earnings call with analysts. Nieman highlighted the success of Seattle’s South Lake Union facility, which “had one of the strongest opening weeks in the company’s recent history.”
“Openings like this demonstrate that our brand has greater reach than our current physical footprint and that there are significant gaps in our category-defining concepts,” he said.
Niemann added that the company still “expects” to open about seven new automated infinity kitchen restaurants this year, with plans to open more next year. According to StreetAccount, analysts were “impressed” with the Infinite Kitchen store’s early results.
The company announced on Tuesday Introducing steak to the menuexpanding its protein offerings with a Caramelized Garlic Steak Protein Plate, Chopped Steak Warm Bowl and Kale Caesar (Steak) Salad.
“During our testing phase in Boston, we saw the caramelized garlic steak quickly become a dinner favorite, with steak accounting for almost one-fifth of dinner orders,” Sweetgreen chief concept officer and co-founder Nicolas Jammet said in a press release. 1. “We’re excited to give our customers more of what they crave, any time of day. “
About The Author
