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BusinessSalad chain Sweetgreen files to go public

Salad chain Sweetgreen files to go public

A Sweetgreen location in Bethesda, Maryland.

Jeffrey MacMillan | Getty Images

Salad chain Sweetgreen filed Monday to go public on the New York Stock Exchange underneath the ticker SG, aiming to turn into the newest restaurant firm to hit the public markets this 12 months.

The firm’s losses widened and gross sales shrank because the pandemic battered its enterprise final 12 months. In the fiscal 12 months ended Dec. 27, Sweetgreen reported a web lack of $141.2 million on income of $220.6 million, in accordance to its prospectus. The chain’s same-store gross sales shrank 26% throughout that point after climbing 15% within the prior fiscal 12 months.

The chain has bounced again this 12 months. Same-store gross sales have risen 21%, as of Sept. 26. Its losses narrowed to $86.9 million from a lack of $100.2 million within the year-ago interval.

Sweetgreen operates 140 eating places throughout 13 states and Washington. In the prospectus, Sweetgreen stated it plans to double its footprint over the following 3 to 5 years. More than two-thirds of its income comes from digital gross sales. The common unit quantity for a location is $2.5 million, as of Sept. 26.

Founded in 2006, Sweetgreen has discovered a loyal buyer base with its menu of customizable salads and heat bowls that attraction to shoppers on the lookout for wholesome, handy choices. The firm has additionally leaned into restaurant know-how. In August, it acquired Spyce, a Boston restaurant firm that made a reputation for itself with robotic restaurant tech. Just a few months prior, Sweetgreen shared that it had confidentially filed to go public.

The chain hasn’t prevented controversy. In September, CEO and co-founder Jonathan Neman penned a LinkedIn publish that related Covid-19 deaths to weight problems, drawing backlash on social media. The publish was deleted, and Neman apologized for the feedback.

A string of different restaurant chains have made their public market debuts this 12 months with combined outcomes. Shares of espresso chain Dutch Bros have soared 82% since its preliminary public providing in September. First Watch Restaurant Group’s inventory has fallen 2% since its debut earlier this month.

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