Sweetgreen (NYSE:SG) stock is climbing higher on Friday after the fast-food chain announced results for the second quarter of 2024.
Sweetgreen reported earnings per share of -13 cents. For comparison, Wall Street was expecting an EPS of -10 cents during the quarter. Even so, it’s an improvement over the -24 cents from the same time last year.
Revenue reported by Sweetgreen comes in at $184.64 million. That’s better than the $180.78 million analysts were expecting the company to report. It also represents a 21% increase from $152.53 million in the second quarter of 2023.
Sweetgreen cofounder and CEO Jonathan Neman said the following in the earnings report:
“I’m proud of the continued momentum we saw in the second quarter as we connected more communities to real food. Our commitment to innovation and operational execution delivered a strong quarter with same store sales growth of 9%, 22.5% restaurant-level margin and Adjusted EBITDA of $12.4 million.”
SG Stock 2024 Outlook
Sweetgreen is expecting revenue to range from $670 million to $680 million for the full year of 2024. That’s just above Wall Street’s revenue estimate of $674.25 million at the midpoint.
SG stock is up 25.1% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
