Why Sweetgreen Stock Surprised Investors Today
Shares of salad-centric restaurant chain Sweetgreen (NYSE: SG) pleasantly surprised investors on Friday after the company reported financial results for the first quarter of 2023. As of 12:10 p.m. ET, Sweetgreen stock was up 10%.
In Q1, Sweetgreen generated revenue of $125 million, up 22% year over year and within management's guidance. Same-store-sales growth of 5% helped boost revenue. But the bigger boost came from opening nine net new restaurants during the quarter. Since the chain only has about 185 locations, a few openings can make a big difference.
Turning to the bottom line, Sweetgreen had a net loss of almost $34 million. That's much better than its net loss of $50 million in the prior-year period. Moreover, investors might be excited about something a little deeper beneath the surface.
Source Fool.com
