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Sweetgreen is about to make some major changes amid slumping sales. Sadly, that includes ditching its newly introduced, yet mega popular menu item: Ripple Fries. Sweetgreen’s shares dropped more than 25% Friday, after the chain slashed its full-year outlook for the second time in recent months. Back in February, the brand predicted revenue of $760 million to $780 million, before cutting projections to between $740 million and $760 million. Now, Sweetgreen says it expects revenue of between $700 million and $715 million for the 2025 calendar year. On an earnings call Thursday, CEO Jonathan Neman expressed dissatisfaction with the numbers and laid out what the recent challenges have been for the brand, citing the “convergence of several external headwinds and internal actions”. In addition to more cautious spending by consumers, Neman said that last year’s steak launch made for a “tough comparison year.” The CEO also noted that there have been issues with the company’s points-based loyalty program, which replaced its tiered subscription system in April. Neman said that while the brand saw revenue falloff as a result of the transition, he believes the impact of the loyalty program is only temporary. Still, in light of the lower than expected sales, Neman said Sweetgreen will make a number of changes such as increasing portions, adjusting recipes, additional seasonal menus, and discounted items. Specifically, he mentioned a “loyalty exclusive $13 menu bowl”. Most bowls run about $16 to $20. Farewell, fries While customers may not complain about heftier portions, or discounted bowls, one change may not be as well received. On the call, Neman said the chain needs to focus on its “core” menu items, meaning its salads. With that in mind, he announced Sweetgreen will no longer sell Ripple Fries, in spite of the fact that they were a popular menu item that “consumers love”. Earlier this year, the CEO told Fast Company about the brand’s excitement over adding Ripple Fries to the menu. Its the first time we have a truly signature side, Neman said. The other sides were fine, but now we have this staple. And theyre really addictive. Not only were the fries tasty, but they aimed to be a healthier fry, too, as they were made without seed oil and used healthier alternatives. In 2023, the brand announced it would reduce its seed oil use overall. And this year, began promoting its seed oil free menu items. In January, just before Trump took office, Neman posted a photo of himself in a “Make America Healthy Again” hat, which many interpreted as a political statement referring to RFK’s agenda. “We made these hats in 2016. Glad the long overdue discussion on food and health has gone mainstream,” he wrote. “We are on a mission to make America Healthy by connecting communities to Real Food.” While Ripple Fries were both a hit and a healthier option for those looking for a crispy side, they’re now a thing of the past, as Sweetgreen will focus on better quality salads and a better customer experience overall. According to the CEO, there is plenty of work to be done. “The fundamentals like sourcing, cooking, and throughput are there, but they’re not always delivered with the consistency our guests expect or deserve, Neman said. “Today, about one third of our restaurants are consistently operating at or above standard, while the remaining two thirds represent a meaningful opportunity for improvement.”
Category:
E-Commerce
The number of older Americans getting scammed out of their savings has exploded over the last four years. A new report from the Federal Trade Commission (FTC) details how scams targeting adults 60 and older have proliferated, with that demographic being three times as likely to incur losses of more than $100,000. Some people 60-plus have reported emptying their bank accounts and even clearing out their 401(k)s, the FTCs Division of Consumer Response and Operations wrote. While younger people report losing money to these impostors, too, reports of losses in the tens and hundreds of thousands of dollars are much more likely to be filed by older adults, and those numbers have soared. Last year, 8,269 older adults reported a loss of $10,000 or more, which is more than four times the number the FTC received in the same category in 2020. In 2024, older adults who lost $100,000 or more through a scam reported combined losses of more than $445 million, up from $55 million in 2020. Most of the scammers take a similar approach, reaching out to unsuspecting victims about a fake, time-sensitive problem that can only be resolved if they transfer moneywhich ultimately lands in the hands of these unscrupulous strangers. Those requests can be dressed up in a variety of ways, but they often rely on a phone call to kick things off, reeling the victim in with false urgency and keeping them chatting while setting up the scam. Last year, 41% of older adults who lost more than $10,000 through scams impersonating businesses or the government were ensnared with a phone call as the initial contact method. An online ad or pop-up ad, often imitating a security alert, was the first point of contact for 15% of these victims, while 13% reported an email as the initial method of contact. Even when they dont start with a call, reports show the goal is to get you on the phone, the FTC wrote. A call is still the best way to dial up the fear and the urgency so its harder for you to think clearly and check things out. What are the scams? Scams evolve constantly, but there are some consistent themes across high-loss scams that the new report highlights and says to watch out for. First, scammers often impersonate banks or major companies, such as Amazon, and claim that your account is linked to suspicious activity. Second, they might claim to be a government official and warn you that your Social Security number or another form of official identification has been used for illegal activity, like drug smuggling or money laundering. The third common approach is when fraudsters impersonate a company, like Apple or Microsoft, sending an on-screen security alert that your account has been hacked. In those attacks, the scammers provide a number for you to call, and they move the scam along after getting you on the phone. The FTC also notes that scammers often pretend to be the government agency itself, requesting that victims transfer money, put cash into Bitcoin ATMs, or even complete in-person cash handoffs. Regardless of the fake story, the goal is generally the same: to get your money, the FTC report said. Why are scams spiking now? The FTC report didnt explore the forces behind the scams, but most signs point to technology as an accelerant. AI is still a relatively new technology, but its already a powerful tool for scammers seeking to fool victims into handing over cash or personal information. With AI, scammers can smoothly impersonate the voice and even the appearance of someone you know, establishing trust easily. In one targeted attack, a Hong Kong-based finance employee transferred $25 million to scammers who posed as his companys CFO by using a deepfake video. Beyond AI, cryptocurrency remains such a major vector for fraud that the FBI launched an operation last year to reach potential victims earlybefore they empty their savings into fake investments. Some victims have reported thatprior to being notified by the FBI about the scamthey were in the process of liquidating their 401(k), selling their home, or obtaining a sizable loan, according to the FBI. In a recent FBI report on internet crime, the agency detailed how the attack surface for online scams has grown exponentially as the internet has become woven into every aspect of our lives. Scammers are increasingly using the internet to steal Americans hard-earned savings, wrote B. Chad Yarbrough, operations director of the FBI’s Criminal and Cyber Division. And with todays technology, it can take mere taps on a keyboard to hijack networks, cripple water systems, or even rob virtual exchanges. To steer clear of scams online, you can follow a few basic rules that go a long way toward keeping your money in the bank. Blocking unwanted and spam calls can help screen out some of this communication to begin with. Never send money to anyone in response to a surprise message, call, or alertacting with a sense of urgency is always to the scammer’s benefit. If you get a call out of the blue that sounds fishy, hang up and verify the source by directly contacting the person or company through official channels, not via the phone number the person provided.
Category:
E-Commerce
President Donald Trump signed an executive order on Thursday that opens the door to allowing alternative assets like cryptocurrencies, private equity, and real estate into 401(k) retirement accounts. Here’s what to know. What does the executive order say? The executive order gives the Secretary of Labor 180 days to review the guidelines that determine the rules for 401(k)s under the Employee Retirement Income Security Act of 1974, known as ERISA. In short, the order calls for the Labor Department to clarify its position on alternative assets. (Under ERISA, employers have a fiduciary responsibility to ensure 401(k) investments are both prudent and don’t have onerous fees.) As Fast Company previously reported, during Trump’s first term, the Department of Labor issued a letter suggesting private equity options could be included in 401(k) and 403(b) defined-contribution plans as part of a target-dated fund or other managed fund. Why is this concerning for 401k holders? Traditionally, private market assets haven’t been included in 401(k)s, for the most part because their “high fees, lack of transparency, and longer lockup periods make them riskier investments,” according to CNBC. However, they have made their way into pension funds and university endowments. Why is this a big win for fund managers? This could give fund managers access to a staggering $12 trillionyes, trillionand create a new source of funding besides traditional stocks, bonds, and cash, per The Guardian. Who stands to benefit the most from the order? Trumps executive order is yet another example of this administrations support of cryptocurrencies and push to loosen the regulation around digital currencies. Not surprisingly, the prices of some cryptocurrencies are up today on the news. By early afternoon on Friday, the price of Ether (ETH) jumped over 4%. Bitcoin (BTC), which jumped 1% on Thursday on the news, was down slightly by less than 1%. Meanwhile, stock in Robinhood (HOOD), which offers crypto products, was up 4.5%.
Category:
E-Commerce
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