Sweetgreen (SG) shares tumble 13.2% after Q2 earnings miss estimates and company cuts full-year guidance
The fast-casual salad chain reported a Q2 GAAP loss per share of $0.22, worse than the consensus estimate of a $0.12 loss, and revenue of $192.7 million, missing the $194.5 million consensus. Same-store sales fell 6.2%. Sweetgreen attributed the guidance cut to the impact of a cyclospora outbreak, which began in mid-July, despite not being directly affected by it. The company now expects a full-year same-store sales decline of 7%-8% (previously 2%-4% decline) and an adjusted EBITDA loss of $23 million-$27 million (previously $1 million-$6 million profit).
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