Sweetgreen, Inc. announced its financial results for the third fiscal quarter ended September 29, 2024, reporting total revenue of $173.4 million. This represents a 13% increase compared to the prior year period, primarily driven by new restaurant openings.
Despite the revenue growth, the company missed analyst estimates for both revenue and earnings per share. Sweetgreen reported a loss of $0.18 per share, compared to analyst expectations for a loss of $0.16 per share, and revenue of $173.4 million missed the consensus estimate of $175.533 million.
Same-store sales increased by 6% during the quarter, and the restaurant-level profit margin expanded by over 200 basis points year-over-year to 19.6%. Adjusted EBITDA for the third quarter was $1.0 million, an improvement from $(2.0) million in the prior year period.
For the full fiscal year 2024, Sweetgreen provided guidance anticipating revenue between $675 million and $685 million, and same-store sales change of 5% to 6%. The company also projected a restaurant-level profit margin of 19.5% to 20.0% and Adjusted EBITDA of $18 million to $20 million.
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