Sweetgreen Inc. shares fell in the extended session Tuesday after the locally sourced restaurant chain missed Wall Street expectations for the quarter, and warned that revenue will be at or slightly below the low end of its forecast
Sweetgreen
SG,
shares dropped as much as 10% after hours, according to FactSet data, following a 0.9% decline in the regular session to close at $17.32.
The company reported a third-quarter loss of $47.4 million, or 43 cents a share, compared with a loss of $30.1 million, or $1.58 a share, in the year-ago period.
Revenue rose to $124 million from $95.8 million in the year-ago quarter.
Analysts surveyed by FactSet, however, had forecast a loss of 36 cents a share on revenue of $129.4 million.
For fiscal-year 2022, Sweetgreen said it expects to come in “at the lower end of the range of our prior outlook, with revenue at or slightly below the low end of our prior outlook.”
Last quarter, the company forecast full-year revenue between $480 million and $500 million. Analysts estimate revenue of $488.8 million for the year.