Sweetgreen stock opened 20% up on Friday: this is why

Sweetgreen reports a 63% year-over-year increase in its quarterly revenue.
The salads company wants to open 35 net new restaurants in 2022.
Shares of the fast-casual restaurant chain are up nearly 20% on Friday.

Sweetgreen Inc (NYSE: SG) shares opened nearly 20% up on Friday after the fast-casual restaurant said its sales noted a significant increase in the fiscal fourth quarter.

Sweetgreen Q4 earnings report

The salads expert attributed the uptick in sales to higher prices and continued recovery from the COVID crisis.

It was the first earnings report for Sweetgreen since going public at $28 a share in November. The stock is still down 10% from the IPO price.

Sweetgreen fiscal 2022 guidance

For the full financial year, Sweetgreen Inc forecasts up to $535 million in revenue, including $100 million to $102 million it expects in Q1.

The California-based company wants to open seven net new restaurants this quarter and “at least” 35 in 2022 as a whole. Its guidance assumes no additional headwinds from the pandemic. In the earnings press release, CEO Jonathan Neman said: