Salad Series SweetGreen File Released

Texas News Today

Sweet Green Space in Bethesda, Maryland.

Jeffrey McMillan | Getty Images

Salad chain Sweetgreen applied for a public release on the New York Stock Exchange on Monday with a ticker “SG,” aiming to become the latest restaurant company to enter the public market this year.

Last year, a pandemic hit the company’s losses and slashed sales. For the fiscal year ended December 27, Sweetgreen reported a net loss of $141.2 million for revenue of $220.6 million, according to the prospectus. The chain’s same-store sales increased 15% last year and then decreased by 26% in the meantime.

The series is back this year. As of September 26, same-store sales have increased by 21%. The loss narrowed to $86.9 million from $102 million in the year-ago quarter.

SweetGreen operates 140 restaurants in 13 states and Washington. In the prospectus, Sweetgreen said it plans to double its footprint in the next three to five years. More than two-thirds of revenue comes from digital sales. As of September 26, the average unit volume for a location is $2.5 million.

Founded in 2006, SweetGreen has garnered a loyal customer base with a menu of customizable salads and hot bowls that attract consumers looking for healthy and convenient options. The company is also committed to restaurant technology. In August, we acquired Spice, a Boston restaurant company renowned for its robotic restaurant technology. A few months back, Sweetgreen shared a secret submission of the release.

The series has not escaped controversy. In September, CEO and co-founder Jonathan Neiman wrote a LinkedIn post linking Covid-19 deaths and obesity, which took to social media. The post was deleted and Neyman apologized for the comment.

A range of other restaurant chains made their debut on the open market this year with varied results. Coffee chain Dutch Brothers’ stake has risen 82 percent since its initial public offering in September. First Watch Restaurant Group’s share price is down 2% earlier this month.

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