""Sweetgreen is more of a premium health product, and it's going to cost more than a Big Mac,""
""The average consumer, when they're hit with survival-type questions about basic necessities, wellness is not going to be No. 1 for them,""
""Performance was impacted by softer sales,""
""This was coupled with lighter spending among younger guests.""
Sweetgreen's same-store sales slid 9.5% last quarter despite increased portion sizes and new menu items such as French fries, which flopped. The company reported a net loss of $36.1 million on revenue of $172.4 million and saw shares tumble more than 75%, with the stock closing at $8. Layoffs included 10% of its Los Angeles support center workforce and a founder stepped down. Younger consumers reduced spending amid inflation and tariff-driven cost pressures. Sweetgreen sold its automated kitchen unit, Infinite Kitchen/Spyce, to Wonder Group for about $200 million in cash and preferred stock.
Read at Los Angeles Times
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