Salad chain Sweetgreen files to go public, hopes to double footprint within 5 years
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Sweetgreen, Bethesda Maryland.
Jeffrey MacMillan | Getty Images
Sweetgreen, a salad chain that is listed on the New York Stock Exchange, filed Monday under ticker “SG” to be made public. This will allow it to become the first restaurant to make the New York Stock Exchange public.
As the pandemic ravaged its company last year, sales fell and losses increased. According to Sweetgreen’s prospectus, Sweetgreen suffered a loss of $141.2million on revenues of $220.6million in the year that ended December 27. After increasing 15% during the previous fiscal year, Sweetgreen’s same store sales declined 26%.
This year, the chain is showing signs of recovery. The same-store sales increased 21% as of September 26. From a loss last year of $100.2million, its losses decreased to $86.9M.
Sweetgreen has 140 restaurants in 13 US states and Washington. Sweetgreen stated in its prospectus that it intends to increase its presence by doubling the number of restaurants over the next three-five years. The majority of Sweetgreen’s revenues come from digital sales. A location’s average annual unit volume is $2.5 million as of Sept. 26.
Sweetgreen was founded in 2006. It has a strong customer base thanks to its customizable salads, warm bowls, and other convenient products. It has also invested in restaurant technology. The August issue of it acquired Spyce, a Boston restaurant company that made a name for itself with robotic restaurant tech.Sweetgreen made that announcement a few months earlier. it had confidentially filed to go public.
This chain is not immune to controversy. The chain’s CEO and cofounder were both indicted on September 11. Jonathan Neman penned a LinkedIn post that connected Covid-19 deathsBacklash via social media for obesity Neman apologized and the post was removed.
Diverse other restaurants chains also made their public-market debuts this year, with mixed results. Dutch Bros’ shares rose 82% after its initial public offering in September. The stock of First Watch Restaurant Group has dropped 2% since it was launched earlier in the month.
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