Sweetgreen on Thursday reported widening losses but strong sales growth for its fourth quarter in its first report since its initial public offering.
Shares of the company rose about 17% in extended trading. Since going public in mid-November, the stock has struggled, shedding more than 50% and dragging its market value down to roughly $2.2 billion. Shares closed Thursday down roughly 11%.
The salad chain reported a fourth-quarter net loss of $66.2 million, or $1.14 per share, compared with a loss of $41.1 million, or $2.49 per share, a year earlier.
Net sales rose 63% to $96.4 million, topping expectations of $84.7 million, according to a survey of analysts by Refinitiv.
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