A Sweetgreen place in Bethesda, Maryland.
Jeffrey MacMillan|Getty Images
Salad chain Sweetgreen submitted Monday to go public on the New York Stock Exchange under the ticker SG, intending to end up being the current dining establishment business to strike the general public markets this year.
The business’s losses broadened and sales diminished as the pandemic damaged its organization in 2015. In the endedDec 27, Sweetgreen reported a bottom line of $1412 million on earnings of $2206 million, according to its prospectus. The chain’s same-store sales diminished 26% throughout that time after climbing up 15% in the previous .
The chain has actually recovered this year. Same- shop sales have actually increased 21%, sinceSept 26. Its losses narrowed to $869 million from a loss of $1002 million in the year-ago duration.
Sweetgreen runs 140 dining establishments throughout 13 states andWashington In the prospectus, Sweetgreen stated it prepares to double its footprint over the next 3 to 5 years. More than two-thirds of its earnings originates from digital sales. The typical system volume for a place is $2.5 million, sinceSept 26.
Founded in 2006, Sweetgreen has actually discovered a faithful consumer base with its menu of personalized salads and warm bowls that attract customers searching for healthy, hassle-free choices. The business has actually likewise leaned into dining establishment innovation. In August, it obtained Spyce, a Boston dining establishment business that went far for itself with robotic dining establishment tech. A couple of months prior, Sweetgreen shared that it had actually in complete confidence submitted to go public.
The chain hasn’t prevented debate. In September, CEO and co-founder Jonathan Neman penned a ConnectedIn post that linked Covid-19 deaths to weight problems, drawing reaction on social networks. The post was erased, and Neman excused the remarks.
A string of other dining establishment chains have actually made their public market debuts this year with blended outcomes. Shares of coffee chain Dutch Bros have actually skyrocketed 82% given that its going public inSeptember First Watch Restaurant Group’s stock has actually fallen 2% given that its launching previously this month.
