A Sweetgreen location in Bethesda, Maryland.
Jeffrey MacMillan | Getty Pictures
Salad chain Sweetgreen filed Monday to go public on the New York Inventory Alternate underneath the ticker SG, aiming to turn out to be the newest restaurant firm to hit the general public markets this yr.
The corporate’s losses widened and gross sales shrank because the pandemic battered its enterprise final yr. Within the fiscal yr 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 yr.
The chain has bounced again this yr. 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 mentioned it plans to double its footprint over the subsequent 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 attraction to shoppers searching for wholesome, handy choices. The corporate has additionally leaned into restaurant expertise. 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 yr 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.