Sweetgreen (NYSE:SG) shares are tanking today after the healthy food restaurants operator announced lower-than-anticipated second-quarter numbers. While revenue rose 22.1% year-over-year to $152.53 million, the figure still fell short of expectations by $3.6 million. Net loss per share of $0.24 too came in wider than estimates by $0.07.
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During the quarter, same-store sales rose 3% year over year with digital revenue making up about 59% of the company’s topline. Further, this was the ninth consecutive quarter of 20%+ growth for Sweetgreen with a major chunk of the growth coming from 47 net new restaurant openings over the past 12 months.
Impressively, Sweetgreen is anticipating an increase in restaurant-level profit margin and a decrease in adjusted EBITDA loss. For the full-year 2023, the company expects to open 30-35 net new restaurants with same-store sales between 2% and 6%. Revenue for the year is seen landing between $575 million and $595 million alongside adjusted EBITDA loss between flat to $10 million.
Overall, the Street has a $14.29 consensus price target on Sweetgreen alongside a Moderate Buy consensus rating. Shares of the company have surged about 79% so far this year.
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