The American fast casual restaurant chain Sweetgreen reported a net loss of $33.7M in Q1 2023, but its revenue of $125.1M;exceeded expectations.
Its restaurant-level profit margins increased by 1%, and its shares rose 7% in after-hours trading.
The salad chain's Q1 net sales rose 22% to $125.1M, and same-store sales increased 5%, driven by a 2% growth in traffic.
- 61% of sales were made through digital transactions, a slight decline from their two-thirds share in revenue a year earlier.
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The business established nine new eateries in Q1, and it intends to open 30 to 35 more in 2023, including two Infinite Kitchens with automated kitchens using the technology from its Spyce
acquisition.
- Sweetgreen CEO Jonathan Neman said, "Green's Chicken + Chipotle Pepper Bowl, renamed after a legal dispute with Chipotle, attracted new customers and generated excitement."
