A Sweetgreen location in Bethesda, Maryland.
Jeffrey MacMillan | Getty Pictures
Salad chain Sweetgreen filed Monday to go public on the New York Inventory Alternate beneath the ticker SG, aiming to grow to be the most recent restaurant firm to hit the general public markets this 12 months.
The corporate’s losses widened and gross sales shrank because the pandemic battered its enterprise final 12 months. Within the fiscal 12 months ended Dec. 27, Sweetgreen reported a web lack of $141.2 million on income of $220.6 million, in response 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. Similar-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. Within the prospectus, Sweetgreen stated it plans to double its footprint over the following 3 to five years. Greater than two-thirds of its income comes from digital gross sales. The typical unit quantity for a location is $2.5 million, as of Sept. 26.
Based in 2006, Sweetgreen has discovered a loyal buyer base with its menu of customizable salads and heat bowls that enchantment to customers searching for wholesome, handy choices. The corporate 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 submit that linked Covid-19 deaths to weight problems, drawing backlash on social media. The submit was deleted, and Neman apologized for the feedback.
A string of different restaurant chains have made their public market debuts this 12 months with largely constructive outcomes. Shares of espresso chain Dutch Bros have soared 82% since its preliminary public providing in September. First Watch Restaurant Group’s inventory has risen 22% since its debut earlier this month.