Sweetgreen Inc (NYSE: SG) shares opened nearly 20% up on Friday after the fast-casual restaurant said its sales noted a significant increase in the fiscal fourth quarter.
Sweetgreen Q4 earnings report
The salads expert attributed the uptick in sales to higher prices and continued recovery from the COVID crisis.
Net loss widened from last year’s $41.1 million to $66.2 million in Q4.Per-share loss still narrowed to $1.14 versus $2.49 in the same quarter of fiscal 2020.Revenue noted a year-over-year growth of 63% to $96.4 million.FactSet consensus was for 66 cents of per-share loss on $84.7 million in revenue.Comparable sales were up 36%, as per the earnings press release.Opened 10 net new restaurants, an increase from 4 in the comparable quarter of last year.
It was the first earnings report for Sweetgreen since going public at $28 a share in November. The stock is still down 10% from the IPO price.
Sweetgreen fiscal 2022 guidance
For the full financial year, Sweetgreen Inc forecasts up to $535 million in revenue, including $100 million to $102 million it expects in Q1.
The California-based company wants to open seven net new restaurants this quarter and “at least” 35 in 2022 as a whole. Its guidance assumes no additional headwinds from the pandemic. In the earnings press release, CEO Jonathan Neman said:
We remain laser focused on executing against our growth strategies, including expanding and evolving our footprint and enhancing our digital experience with a focus on owned digital relationships.
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