In Manhattan, people eat out of a Sweetgreen restaurant.
Shares of the company went up 35% on Friday to Wall Street’s first-quarter revenue expectations.
The salad chain posted revenue of $158 million, surpassing LSEG’s consensus estimate of $152 million. It is an increase of 26% over the corresponding period in 2020 when it earned $125.1 million.
Besides, Sweetgreen has also raised its revenues and adjusted full-year EBITDA guidance. The stock price increased by 189% as at 2024.
Jonathan Neman CEO and co-founder stated that his company opened six new restaurants in the first quarter while speaking on an earnings call with analysts. Nieman said Seattle’s South Lake Union had one of the strongest opening weeks in the company’s history.”
“We have seen more than enough evidence that our brand is not limited by physical locations, with wide gaps still existing between what we pay for groceries and similar establishments,” Niemann explained further.
According to StreetAccount, analysts were “impressed” with early results from Infinite Kitchen store.
On Tuesday, the company introduced steak onto its menu through Caramelized Garlic Steak Protein Plate, Chopped Steak Warm Bowl and Kale Caesar (Steak) Salad.
“While we tested caramelised garlic steak in Boston it quickly became a favorite dinner choice with steak making up nearly one-fifth of our dinner orders,” Sweetgreen chief concept officer and co-founder Nicolas Jammet said in a press release.
We’re excited to give our customers more of what they crave any time of day.”
