Sweetgreen has faced a tough market, cutting sales guidance after posting disappointing financials for two consecutive quarters. The chain plans to improve by increasing chicken and tofu portions by 25% and introducing $13 salads for loyalty members. CEO Jonathan Neman commented on challenges posed by consumer caution and market conditions, though he reported positive early signals from third-quarter changes. Additionally, Sweetgreen will phase out its complex ripple fries while exploring new product offerings like homemade drinks. The company endured a significant stock drop following these results, registering a net loss of $23.3 million this past quarter.
Sweetgreen is discontinuing its ripple fries due to complexity, while implementing a turnaround strategy that includes larger chicken and tofu portions and more affordable salad options.
CEO Jonathan Neman noted a consumer trend of caution starting in April, impacting sales; however, early third-quarter performance suggests positive changes.
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