Shares of Sweetgreen Inc.
SG,
dropped more than 9% in the extended session Thursday after the fast-casual restaurant posted a wider-than-expected quarterly loss and missed Wall Street expectations for its revenue. Sweetgreen lost $27.3 million, or 24 cents a share, in the second quarter, compared with a loss of $40.5 million, or 37 cents a share, in the prior-year period. Revenue rose 22% to $152.5 million, the company said. Analysts polled by FactSet expected a loss of 17 cents a share on sales of $156 million. Sweetgreen updated its 2023 guidance as well, saying it reflected higher profit margins. It expects revenue between $575 million and $595 million, and same-store sales between 2% and 6%. Shares of Sweetgreen ended the regular trading session down 5.9%.
