Sweetgreen, Inc. (NYSE:SG) Q2 2024 Earnings Call August 8, 2024 5:00 PM ET

Company Participants

Rebecca Nounou - Investor Relations
Jonathan Neman - Co-Founder and Chief Executive Officer
Mitch Reback - Chief Financial Officer

Conference Call Participants

Sharon Zackfia - William Blair
Katherine Griffin - Bank of America
Brian Mullan - Piper Sandler
Logan Reich - RBC Capital Markets
Jon Tower - Citi
Brian Bittner - Oppenheimer & Co.
Andrew Charles - TD Cowen
Christine Cho - Goldman Sachs
Brian Harbour - Morgan Stanley
Dennis Geiger - UBS

Operator

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sweetgreen Inc Second Quarter 2024 Earnings Call. [Operator Instructions] Thank you. I would now like to turn the conference over to Rebecca Nounou, Vice President, Head of Investor Relations. You may begin.

Rebecca Nounou

Thank you and good afternoon everyone. Speaking on today’s call will be Jonathan Neman, Co-Founder and Chief Executive Officer, and Mitch Reback, Chief Financial Officer. Both will be full of questions during the Q&A session following the prepared remarks. Today’s call is being webcast live and recorded for replay. I’d like to remind everyone that the information under the heading forward-looking statements included in our earnings release also applies to our comments made during the call. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statement, we’d also direct you to our earnings release for additional information regarding our use of non-GAAP financial measures, including reconciliations of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Our earnings release can be found on our Investor website.

With that, it’s my pleasure to turn the call over to Jonathan to kick things off.

Jonathan Neman

Thank you, Rebecca and good afternoon everyone. We had a strong second quarter, a testament to the groundwork we laid in 2023 the impact of our growth strategies and the strength of our team. We reported sales of $184.6 million representing 21% year-over-year growth. Team source sales grew 9% this consisted of a 5% benefit from menu price and 4% positive traffic and mix. Restaurant level margin for the second quarter was 22.5% expanding over 200 basis points year-over-year, making this one of the highest restaurant level margin performances in the company’s history.