Sweetgreen Q2 revenue up 45% to $124.9M; lowers FY2022 guidance; 5% workforce cut

Sweetgreen, Inc.

2022-Q2 EPS reported -$0.81 revenue$227,509,000

Revenue $124.9M, up 45% YoY; same-store sales +16%; AUV $2.9M.
Net loss $(40.0)M (vs $(26.9)M); Adjusted EBITDA $(7.4)M, improved from $(13.8)M.
Restaurant-level profit margin 18% vs 15% YoY; 8 net new restaurant openings.
Plans ~5% workforce reduction at support center and office move; expects $8.9-10.7M restructuring charges in Q3.
FY2022 guidance lowered: revenue $480-500M; Adjusted EBITDA $(45)-$(35)M.

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