Sweetgreen (NYSE:SG) shares are ticking upward today after the restaurant operator delivered a better-than-expected first-quarter bottom line.
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Revenue rose 21.9% year-over-year to $125.1 million but missed expectations of $153.4 million. Net loss per share at $0.30, on the other hand, came in narrower than expectations by $0.08.
The company is witnessing positive revenue momentum with same-store sales rising 5% during the quarter. Additionally, the combination of 45 net new restaurant openings over the past four quarters and recent pricing increases helped boost results.
Looking ahead, for the full year 2023, Sweetgreen expects between 30 to 35 net new restaurant openings with same-store sales rising between 2% and 6%. Adjusted EBITDA loss is anticipated between $13 million and $3 million on a revenue range between $575 million and $595 million.
Overall, the Street has a $9.6 consensus price target on Sweetgreen pointing to a 9.8% potential upside in the stock.
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