Sweetgreen's Q1 craters 13%; wraps platform is the bowl-weary bet
Worst comp since IPO: -13% SSS, -11.2% traffic, -800 bps margin and stock down 60% in 12 months. CEO leans on a wraps platform ($10.95-$15) tested in ~70 stores to broaden occasions beyond bowls. Guidance calls for Q2 declines to narrow to -4%, with just 13 net new stores in 2025.
Sweetgreen posted a 13% Q1 same-store sales drop, its worst since IPO, and is betting on a new wraps platform—tested in 70 stores—to recover, guiding Q2 declines to narrow to 4%.