Shares of Sweetgreen fell 10% in after-hours trading on Tuesday after the salad chain reported a wider-than-expected loss and lowered its full-year revenue outlook.
Sweetgreen reported a wider-than-expected loss for the third quarter and lowered its full-year revenue outlook.In the third quarter, Sweetgreen's same-store sales rose 6%, entirely driven by menu price hikes.fell 10% in after-hours trading on Tuesday after the salad chain reported a wider-than-expected loss and lowered its full-year revenue outlook.
For 2022, the company now anticipates its revenue will be at or below its prior range of $480 million to $500 million.In the third quarter, Sweetgreen said its same-store sales rose 6%, boosted entirely by menu price hikes. On Monday, tSweetgreen executives said in August that the company's sales began softening around Memorial Day. They attributed the slowdown a number of factors, including summer travel, delays in the return to the office and another wave of Covid-19 cases.
Other restaurant chains have reported a broader shift in consumer spending tied to high inflation. Executives at Chipotle Mexican Grill and McDonald's told investors that higher-income consumers are spending more at their restaurants, while some lower-income customers are dining out less frequently or buying cheaper menu items.
Sweetgreen reported fiscal third-quarter net loss of $47.4 million, or 43 cents per share, wider than its net loss of $30.1 million, or $1.58 per share, a year earlier. Wall Street analysts surveyed by Refinitiv were expecting a 37 cent loss per share.
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