A worker wears a Sweetgreen Inc. hat while preparing food inside the company’s restaurant in Boston, Massachusetts.
Adam Glanzman | Bloomberg | Getty Images
Shares of Sweetgreen plunged more than 20% in extended trading Tuesday after the salad chain lowered its 2022 forecast.
The restaurant company also said it laid off 5% of its support center workforce and will downsize to a smaller office building to lower its operating expenses.
As of Tuesday’s close, Sweetgreen’s stock has fallen 37% since its initial public offering in November.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: 36 cents, in line with estimates
- Revenue: $124.9 million vs. $130.2 million expected
Sweetgreen sales softened around Memorial Day, leading the company to revise its forecast lower, CFO Mitch Reback said in a statement.