Sweetgreen, Inc. (NYSE:SG) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET Company Participants Rebecca Nounou - VP, Head, Investor Relations Jonathan Neman - Co-Founder & Chief Executive Officer Mitch Reback - Chief Financial Officer Conference Call Participants Brian Bittner - Oppenheimer Sharon Zackfia - William Blair Jon Tower - Citigroup Andrew Charles - TD Cowen Brian Mullan - Piper Sandler Katherine Griffin - Bank of America Brian Harbour - Morgan Stanley Operator Thank you for standing by. M ...

Revenue Performance - Revenue for the thirteen weeks ended March 31, 2024, was $157,850,000, representing a 26.2% increase from $125,062,000 for the same period in 2023[25]. - Total revenue for the thirteen weeks ended March 31, 2024, was $157.85 million, a 26.2% increase from $125.06 million for the same period in 2023[41]. - Owned digital channels revenue increased to $51.81 million, up 7.1% from $48.26 million year-over-year[41]. - In-store channel revenue rose to $64.93 million, a 31.5% increase compared to $49.39 million in the prior year[41]. - Marketplace channel revenue grew significantly to $41.11 million, up 50% from $27.41 million in the same quarter last year[41]. - The company recognized $664,000 in revenue from gift card liability during the thirteen weeks ended March 31, 2024, compared to $325,000 in the same period of 2023[42]. Net Loss and Profitability - The net loss for the thirteen weeks ended March 31, 2024, was $26,067,000, compared to a net loss of $33,657,000 for the same period in 2023, indicating a 22.5% improvement[25]. - The company reported a net loss of $26.067 million for the thirteen weeks ended March 31, 2024, compared to a net loss of $33.657 million for the same period in 2023, representing a 22.5% improvement[89]. - Restaurant-Level Profit for the thirteen weeks ended March 31, 2024, was $28,537,000, compared to $16,937,000 in the prior year[123]. - Adjusted EBITDA for the same period was $113,000, a significant improvement from a loss of $6,694,000 in the previous year[127]. - The loss from operations margin improved to (17)% from (28)% year-over-year[123]. Restaurant Expansion - The company opened 6 net new restaurants during the thirteen weeks ended March 31, 2024, bringing the total to 227 restaurants across 19 states and Washington, D.C.[31]. - For the thirteen weeks ended March 31, 2024, net new restaurant openings were 6, down from 9 in the same period of 2023[112]. - The company plans to return to a new restaurant growth rate of 15-20% per year starting in fiscal year 2025[114]. - The company had 9 facilities under construction as of March 31, 2024, all expected to open during fiscal year 2024[50]. Financial Position - Total current assets decreased to $263,688,000 as of March 31, 2024, from $276,111,000 as of December 31, 2023, a decline of 4.5%[24]. - Total liabilities decreased slightly to $372,424,000 as of March 31, 2024, from $373,960,000 as of December 31, 2023[24]. - Cash and cash equivalents at the end of the period were $243,881,000, down from $296,953,000 at the end of the same period in 2023, reflecting a decrease of 17.9%[29]. - Cash and cash equivalents as of March 31, 2024, were $243.76 million, down from $257.23 million as of December 31, 2023[39]. - As of March 31, 2024, the company had $243.8 million in cash and cash equivalents, down from $257.2 million at the end of 2023[174]. - The company has access to a $43.1 million revolving loan under its 2020 Credit Agreement, with no draws made as of March 31, 2024[174]. Operating Expenses - Food, beverage, and packaging costs increased to $43,718,000, a 23% rise from $35,587,000, maintaining 28% of total revenue[152]. - Labor and related expenses rose to $45,766,000, a 17% increase from $39,243,000, decreasing as a percentage of revenue from 31% to 29%[154]. - Occupancy and related expenses increased to $14,448,000, a 14% rise from $12,630,000, with a decrease in percentage of revenue from 10% to 9%[156]. - Other restaurant operating costs increased to $25,381,000, a 23% rise from $20,665,000, decreasing as a percentage of revenue from 17% to 16%[158]. - General and administrative expenses were $36,865,000, a 6% increase from $34,907,000[150]. - Depreciation and amortization expenses increased to $16,427,000, a 25% rise from $13,110,000[150]. - Pre-opening costs decreased to $1,432,000, a 57% decline from $3,366,000[150]. - Impairment and closure costs decreased by 17% to $0.16 million, reflecting closure costs related to previously closed restaurants[166]. - Restructuring charges fell by 21% to $0.51 million, associated with the former Sweetgreen Support Center[167]. Stock and Compensation - As of March 31, 2024, the Company had 14,569,140 stock options outstanding, with a weighted average exercise price of $8.63[77]. - The Company recognized stock-based compensation expense of $0.8 million related to the vested portion of shares from the Spyce acquisition for the thirteen weeks ended March 26, 2023[74]. - The weighted-average fair value of options granted during the thirteen weeks ended March 31, 2024, was $7.58, compared to $8.43 for the same period in 2023[78]. - As of March 31, 2024, there was $23.4 million in unrecognized compensation expense related to unvested stock-based compensation arrangements, expected to be recognized over a weighted average period of 2.22 years[79]. - The total stock-based compensation expense for the thirteen weeks ended March 31, 2024 was $9.626 million, a decrease of 32.5% from $14.265 million for the same period in 2023[84]. - Unrecognized compensation expense related to performance stock units (PSUs) was $22.8 million as of March 31, 2024, expected to be recognized over a weighted average period of 1.25 years[82]. Market and Operational Challenges - The company experienced a disruption in packaging supply during the first fiscal quarter of 2023, negatively impacting restaurant operating costs[106]. - Revenue is derived from five sales channels, with historical fluctuations impacting margins, particularly in Native Delivery, Outpost and Catering, and Marketplace Channels[109]. - Company operates solely within the United States, facing market risks including commodity price risks, interest rate risk, inflation effects, and macroeconomic risks[197].

Sweetgreen, Inc. Announces First Quarter 2024 Financial Results LOS ANGELES--(BUSINESS WIRE)-- Sweetgreen, Inc. (NYSE: SG) (the "Company"), the mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its first fiscal quarter ended March 31, 2024. First quarter 2024 financial highlights For the first quarter of fiscal year 2024, compared to the first quarter of fiscal year 2023: (1) Restaurant-Level Profit, Restaurant-Level Profi ...

Are investors hyped for the wrong "salad stock"?In the first quarter of 2024, restaurant company Sweetgreen (SG -1.15%) was among the stock market's top performers. As of this writing, shares of the salad-centric chain are up 115% year to date and have doubled in only the past month. It's a nice reprieve for shareholders, considering Sweetgreen stock has largely trended downwards since it went public in 2021.Sweetgreen stock started skyrocketing for fundamental reasons, which is good. On Feb. 29, the compan ...

EMS-FORSTER-PRODUCTIONS/DigitalVision via Getty ImagesInvestment overview I give a buy rating for Sweetgreen (NYSE:SG) as I am bullish on the two key growth strategies that management has implemented: Sweetpass and menu innovations. Both of these have seen positive traction so far, and I expect management to continue providing positive updates on these fronts. As SG continues to grow and turn profitable, I expect its valuation to gradually improve to its peers’ level, providing attractive upside. Busine ...

Sweetgreen, Inc. (SG) shares rallied 7.9% in the last trading session to close at $21.37. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 67.8% gain over the past four weeks.Sweetgreen’s rally is buoyed by optimism regarding the company’s strength in menu innovation, supply chain advancements and cutting-edge technology integration. Also, emphasis on strategic initiatives aimed at increasing traffic to drive ...

Shares of Sweetgreen (SG 28.81%) popped Friday morning after the fast-casual salad specialist posted strong results in its fourth-quarter report.The company beat revenue estimates, made progress on the bottom line, and offered first-quarter guidance that was better than the analysts' consensus view. As of noon ET, the stock was up 30.3%. Sweetgreen stock gets more appetizingIn Q4, Sweetgreen's revenue jumped 29% to $153 million. That growth was primarily driven by new restaurant openings, as same-store sale ...

Sweetgreen, Inc. (NYSE:SG) Q4 2023 Earnings Conference Call February 29, 2024 5:00 PM ET Corporate Participants Rebecca Nounou - VP, Head of Investor Relations Jonathan Neman - Co-Founder and Chief Executive Officer Mitch Reback - Chief Financial Officer Conference Call Participants Brian Bittner - Oppenheimer Sharon Zackfia - William Blair Chris Carril - RBC Capital Markets John Ivankoe of JP Morgan Andrew Charles - TD Cowen Jon Tower - Citigroup Katherine Griffin - Bank of America Brian Harbour - Morgan S ...

Sweetgreen, Inc. (SG) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.23. This compares to loss of $0.44 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.35%. A quarter ago, it was expected that this company would post a loss of $0.19 per share when it actually produced a loss of $0.22, delivering a surprise of -15.79%.Over the last four quarters, the company has surpasse ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41069 SWEETGREEN, INC. (Exact name of registrant as specified in its charter) Delaware 27-1159215 (State or other j ...