Sweetgreen stock soars after posting impressive sales growth in its first quarterly report since IPO
Sweetgreen on Thursday reported widening losses but strong sales growth for its fourth quarter in its first report since its initial public offering.
Shares of the company rose about 17% in extended trading. Since going public in mid-November, the stock has struggled, shedding more than 50% and dragging its market value down to roughly $2.2 billion. Shares closed Thursday down roughly 11%.
The salad chain reported a fourth-quarter net loss of $66.2 million, or $1.14 per share, compared with a loss of $41.1 million, or $2.49 per share, a year earlier.
Net sales rose 63% to $96.4 million, topping expectations of $84.7 million, according to a survey of analysts by Refinitiv.
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