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Sweetgreen Drops, Under Armour Falls, Maplebear Rises on 3Q Outlook
Description
On this episode of Stock Movers:
-Sweetgreen (SG) shares tumble. Sweetgreen Inc. cut its annual outlook due to reduced consumer demand for fresh prepared foods during the cyclospora outbreak. The company now expects full-year sales at established restaurants to plummet as much as 8% this year, and its shares tumbled as much as 12% in New York trading on Friday. Sweetgreen has been trying to win over diners with cheaper options, including wraps, and has also reduced the number of restaurant openings, but sales at established locations fell 6.2% in the second quarter.
Under Armour (UAA) shares drop. Under Armour Inc. forecast a sharper revenue decline than previously expected as demand softens in several key regions. The athletic retailer now expects sales to fall by a mid-single digit percentage rate for the year. The revised forecast calls for declines in North America, Asia-Pacific, and Europe and the Middle East as the company grapples with a “challenging consumer demand environment,” Chief Executive Officer Kevin Plank said in a statement Friday.
Maplebear (CART) doing business as Instacart, jumps 10% postmarket after forecasting gross transaction value for the third quarter that beat the average analyst estimate.
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