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Shares of Sweetgreen soar 35% after the company beat revenue expectations

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Shares of Sweetgreen soar 35% after the company beat revenue expectations

People dine outside a Sweetgreen in Manhattan.

Jeenah Moon | The Washington Post | Getty Images

Sweet green Shares rose 35% on Friday after the company beat Wall Street’s first-quarter revenue expectations.

The salad chain reported revenue of $158 million, surpassing the LSEG consensus estimate of $152 million. It’s a 26% increase from the year-ago period, when it reported revenue of $125.1 million.

Sweetgreen also increased revenue and adjusted full-year EBITDA guidance. The company’s shares are up 189% so far in 2024.

Jonathan Neman, CEO and co-founder of Sweetgreen, said during an earnings call with analysts that the company opened six new restaurants in the first quarter. Neman highlighted the success of Seattle’s South Lake Union location, which had “one of the strongest opening weeks in the company’s recent history.”

“Openings like this demonstrate that our brand has significantly greater reach than our current physical footprint and that there is enormous white space for our category-defining concept,” he said.

Neman added that the company remains “on track” to open approximately seven new automated Infinite Kitchen restaurants this year and plans to open even more next year. Analysts were “impressed” with the early results from the Infinite Kitchen locations, according to StreetAccount.

The company announced this on Tuesday add steak to the menuand expands its protein offerings with a Caramelized Garlic Steak Protein Plate, Chopped Steakhouse Hot Bowl, and a Kale Caesar Steak Salad.

“During our testing phase in Boston, we saw Caramelized Garlic Steak quickly become a dinnertime favorite, with steak making up nearly 1 in 5 dinner orders,” said Nicolas Jammet, Chief Concept Officer and co-founder of Sweetgreen, in a press release. “We’re excited to give customers more of what they crave at any time of the day.”

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