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Why Sweetgreen Stock Popped Today

TheMotleyFool 
0 0 10.05.24
Why Sweetgreen Stock Popped TodayPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png
 

Shares of salad restaurant chain Sweetgreen (NYSE: SG) popped on Friday after the company beat expectations across the board for its first quarter of 2024. As of 10 a.m. ET, Sweetgreen stock was up a stunning 40% and hitting 52-week highs.

Sweetgreen underpromised and overdelivered for its Q1. The company opened six new restaurants during the quarter, and same-store sales increased 5%, as opposed to management's guidance of 3%. This led to Q1 revenue of $158 million, which was better than management's guidance of $154 million at best.

Higher sales supported better restaurant-level profit margins for Sweetgreen in Q1. Its Q1 restaurant-level profit margin of 18% was up meaningfully from 14% in the prior-year period. This led to positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $100,000.

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Source Fool.com

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