Thu. Oct 6th, 2022




By Yasin Ebrahim

Investing.com — Sweetgreen plunged in afterhours trading Tuesday after reporting quarterly results that fell short of Wall Street estimates and cutting its guidance.  

Sweetgreen (NYSE:) fell more than 22% in afterhours trading following the report. 

The salad chain a loss of 36 cents a share on revenue of $124.9 million. That compared with estimates for 30 cents a share on revenue of $130.2 million. 

As part of plan to cut costs the company said it would shed about 5% of its workforce. The company also said it would reduce its real estate footprint by “vacating the premises for the existing sweetgreen Support Center and moving to a smaller office space adjacent to our existing location.”

Looking ahead, the company lower its guidance, citing a trend of softness in revenue around Memorial Day.

For 2022, revenue was estimates in a range of $480 million to $500 million, down from a prior estimate of $515 million to $535 million.

 

By Rahul

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