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Salad chain Sweetgreen file released

Sweet green location in Bethesda, Maryland.

Jeffrey McMillan | Getty Images

Salad chain Sweetgreen applied to the New York Stock Exchange on Monday to open to the public on Ticker SG, aiming to become the latest restaurant company to enter the open market this year.

The company’s losses increased and sales shrank as the business was hit by a pandemic last year. According to the prospectus, Sweetgreen for the fiscal year ended December 27 reported a net loss of $ 141.2 million for revenue of $ 220.6 million. Same-store sales of the chain increased by 15% in the previous year and then decreased by 26% in the meantime.

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

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 found a loyal customer base with a menu of customizable salads and hot bowls that appeal to consumers looking for healthy and convenient options. The company is also committed to restaurant technology. In August, Acquired Spyce, a Boston restaurant company renowned for its robot restaurant technology. A few months ago, Sweetgreen shared it It was submitted in secret for publication.

The chain has not avoided controversy. September, CEO and co-founder Jonathan Neman wrote a LinkedIn post linking the death of Covid-19 Get rid of obesity on social media. The post was deleted and Neman apologized for the comment.

A series of other restaurant chains made their debut in the open market this year with various results.Coffee chain share Dutch Brothers It has skyrocketed 82% since its initial public offering in September. First Watch Restaurant GroupShare price has fallen 2% since its debut earlier this month.

Salad chain Sweetgreen file released

Source link Salad chain Sweetgreen file released

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