How did SG's Q1 2024 EPS outperform forecasts?

Sweetgreen's Q1 2024 EPS outperformance can be attributed to **Revenue Growth** and **Cost Management**. 1. **Revenue Growth**: Sweetgreen's revenue surged by approximately 29% year-over-year to $153 million, surpassing analyst estimates of $151 million. This growth was primarily driven by new restaurant openings and a 6% increase in same-store sales. The company's strategic focus on menu innovation, supply chain advancements, and technology integration also contributed to the revenue boost. 2. **Cost Management**: Despite the revenue outperformance, Sweetgreen's net loss per share narrowed from $0.44 to $0.24 compared to the same quarter last year. This improvement was facilitated by labor optimization, improvements in supply chain sourcing, and a 24.1% decline in other operating costs. Additionally, the company's restaurant-level profit margin expanded from 11% to 16%, indicating enhanced operational efficiency. In conclusion, Sweetgreen's Q1 2024 EPS outperformance can be attributed to a combination of robust revenue growth and effective cost management. These factors collectively contributed to the company's financial strength and profitability despite the EPS slightly missing the estimated value. |code|Ticker|Name|Date|EPS Surprise|Diluted EPS|market_code| |---|---|---|---|---|---|---| |SG|SG.N|Sweetgreen|2024 Q1|-0.06|-0.23|169| |SG|SG.N|Sweetgreen|2024 Q2|-0.03|-0.13|169| |SG|SG.N|Sweetgreen|2024 Q3|-0.05|-0.18|169| |SG|SG.N|Sweetgreen|2024 Q4|-0.07||169|