{"id":196953,"date":"2024-08-09T15:14:41","date_gmt":"2024-08-09T15:14:41","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/uncategorized\/why-is-restaurant-company-sweetgreen-stock-surging-today\/"},"modified":"2024-08-21T09:07:22","modified_gmt":"2024-08-21T09:07:22","slug":"why-is-restaurant-company-sweetgreen-stock-surging-today","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/why-is-restaurant-company-sweetgreen-stock-surging-today\/","title":{"rendered":"Why Is Restaurant Company Sweetgreen Stock Surging Today?"},"content":{"rendered":"\n<h6 class=\"wp-block-heading\" id=\"h-zinger-key-points\">Zinger Key Points<\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sweetgreen shares surge after Q2 FY24 revenue exceeded expectations, driven by new restaurant openings and higher same-store sales.<\/li>\n\n\n\n<li>Sweetgreen raised FY24 revenue guidance to $670M-$680M and revised adjusted EBITDA to $16M-$19M, reflecting strong first-half performance.<\/li>\n<\/ul>\n\n\n\n<p><strong>Sweetgreen, Inc.<\/strong>&nbsp;<a href=\"https:\/\/www.benzinga.com\/quote\/sg\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/www.benzinga.com\/quote\/sg\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SG+24.6%<\/strong><\/a> shares are trading higher after the company reported better-than-expected&nbsp;<a href=\"https:\/\/www.benzinga.com\/pressreleases\/24\/08\/b40266149\/sweetgreen-inc-announces-second-quarter-2024-financial-results\" target=\"_blank\" rel=\"noreferrer noopener\">second-quarter FY24 revenue results yesterday<\/a>.<\/p>\n\n\n\n<p>Revenue upped 21% Y\/Y to $184.6 million, beating the consensus of&nbsp;$180.78 million, driven mainly by an additional $18.2 million from 36 net new restaurant openings during or after last year\u2019s corresponding quarter.<\/p>\n\n\n\n<p>Same-store sales rose 9% Y\/Y, driven by a 5% boost from menu price increases implemented after the thirteen weeks ending June 25, 2023, and a 4% increase from higher traffic and a favorable product mix. Average unit volume (AUV), as adjusted, stood at $2.9 million.<\/p>\n\n\n\n<p>Total digital revenue accounted for 56% of sales, with owned digital revenue making up 31%, compared to 59% and 37%, respectively, in the previous year.<\/p>\n\n\n\n<p>Restaurant-level profit stood at $41.5 million, with a margin of 22%, up from $31.1 million and a 20% margin in the prior year.<\/p>\n\n\n\n<p>Adjusted EBITDA came in at $12.4 million vs. $3.3 million in the prior year, with a margin of 7%, up from 2% the previous year. The company reported EPS&nbsp;loss of $0.13, missing&nbsp;<a target=\"_blank\" href=\"https:\/\/www.benzinga.com\/earnings\" rel=\"noreferrer noopener\">the street view of&nbsp;$0.12 loss<\/a>.<\/p>\n\n\n\n<p>Jonathan Neman, Co-Founder and Chief Executive Officer, said, \u201cWe continue to open successful new restaurants across the country and our new Caramelized Garlic Steak has quickly become a customer favorite. Sweetgreen\u2019s expanding menu is hitting the mark with customers, delivering on craveability, quality and value.\u201d<\/p>\n\n\n\n<p>Mitch Reback, Chief Financial Officer, stated, \u201cDespite a heightened uncertain economic backdrop for the consumer, we are raising our guidance for 2024 given our results during the first half of the year.\u201d<\/p>\n\n\n\n<p><strong>Outlook<\/strong>: For FY24, the company raised revenue guidance to $670 million \u2013 $680 million (vs. $660 million \u2013 $675 million) vs. street view of $674.248 million and same-store sales growth to 5% \u2013 7%&nbsp;<a target=\"_blank\" href=\"https:\/\/www.benzinga.com\/pressreleases\/24\/05\/b38743338\/sweetgreen-inc-announces-first-quarter-2024-financial-results\" rel=\"noreferrer noopener\">(from 4% \u2013 6% prior)<\/a>.<\/p>\n\n\n\n<p>Sweetgreen now projects new restaurant openings of 24 \u2013 26 (vs. 23 \u2013 27 expected earlier), a restaurant-level profit margin of 19% \u2013 20% (vs. 18.5% \u2013 20% prior), and adjusted EBITDA of $16 million \u2013 $19 million&nbsp;<a target=\"_blank\" href=\"https:\/\/www.benzinga.com\/pressreleases\/24\/08\/b40266149\/sweetgreen-inc-announces-second-quarter-2024-financial-results\" rel=\"noreferrer noopener\">(vs. $10 million \u2013 $19 million earlier)<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.benzinga.com\/quote\/pez\" target=\"_blank\"><\/a><\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.benzinga.com\/quote\/pez\" target=\"_blank\"><\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.benzinga.com\/quote\/pez\" target=\"_blank\"><strong>PEZ<\/strong><strong>+0.36%<\/strong><\/a><\/p>\n\n\n\n<p>+ Free Alerts.<\/p>\n\n\n\n<p><strong>Price Action<\/strong>: SG shares are up 26% at $33.08 at the last check Friday.<\/p>\n\n\n\n<p><strong><em>Disclaimer:<\/em><\/strong><em>&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/em><\/p>\n\n\n\n<p><em>Photo via Shutterstock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sweetgreen, Inc.\u00a0SG+24.6% shares are trading higher after the company reported better-than-expected\u00a0second-quarter FY24 revenue results yesterday.<\/p>\n<p>Revenue upped 21% Y\/Y to $184.6 million, beating the consensus of\u00a0$180.78 million, driven mainly by an additional $18.2 million from 36 net new restaurant openings during or after last year\u2019s corresponding quarter.<\/p>\n","protected":false},"author":1262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[147,8,153,148,7],"tags":[],"contributors-categories":[407],"class_list":{"0":"post-196953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-stocks","9":"category-text-articles","10":"category-traders-insight","11":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Is Restaurant Company Sweetgreen Stock Surging Today?<\/title>\n<meta name=\"description\" content=\"Sweetgreen, Inc.\u00a0SG+24.6% shares are trading 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