Restaurant brand Sweetgreen has posted a net loss of $27.3m in Q2 2023, compared with $40.5m in the same quarter a year earlier.
Its total revenue for the quarter ended 25 June 2023 was $152.5m, a 22% growth from $124.9m in the previous year.
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Total digital revenue percentage fell to 59% from 62% in Q2 2022 while owned digital revenue percentage dropped to 37% from 40%.
Loss from operations in Q2 2023 was $31.2m versus $42.7m in the corresponding period last year.
Loss from operations margin was 20% for the quarter, compared with 34% in Q2 2022.
Furthermore, restaurant-level profit grew to $31.1m from $23.1m while restaurant-level profit margin rose to 20% from 19%.
Sweetgreen’s same-store sales change was 3% in Q2 2023, compared to 16% in the same quarter a year ago, with average unit volume (AUV) remaining almost flat at $2.9m.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and adjusted EBITDA margin stood at $3.3m and 2%, respectively.
Net new restaurant openings were ten, up from eight in the previous year.
Looking ahead to fiscal year 2023, the company forecasts $575-$595m in revenue and adjusted EBITDA between $10m loss and breaking even.
Sweetgreen co-founder and CEO Jonathan Neman said: “As we entered 2023, we doubled down on our commitment to durability – balancing high growth and profitability – and our second quarter performance put that commitment into action.
“In the second quarter, we recorded our ninth consecutive quarter of over 20% sales growth year over year.
“We delivered a restaurant level margin of over 20% as well as achieved Adjusted EBITDA profitability of $3.3m.”
