Sweetgreen, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results LOS ANGELES--(BUSINESS WIRE)-- Sweetgreen, Inc. (NYSE: SG), the mission-driven restaurant brand creating healthier communities by connecting people to real food, today announced financial results for its fourth fiscal quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights For the fourth quarter of fiscal year 2023, compared to the fourth quarter of fiscal year 2022: Full Year Fiscal 2023 Finan ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Sweetgreen, Inc. (SG) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 29, 2024, might help the stock move higher if these key numbers are better t ...

Debuting with three new chef-crafted menu items, Caramelized Garlic Steak will be featured in the Caramelized Garlic Steak protein plate, the Steakhouse Chopped bowl and the Kale Caesar (Steak) salad. (Photo: Business Wire)Featuring cuts of grass-fed, grass-finished tri-tip sirloin steak with a natural tenderness, the new protein provides a delicious complement to Sweetgreen's beloved salads, warm bowls and protein plates. (Photo: Business Wire)LOS ANGELES--(BUSINESS WIRE)--Today, Sweetgreen announced the t ...

LOS ANGELES--(BUSINESS WIRE)--Today, Sweetgreen (NYSE: SG) announced the appointment of Rossann Williams as the company’s Chief Operating Officer, effective February 5th. Williams joins Sweetgreen’s executive leadership team and will oversee Operations, Real Estate + Development and Supply Chain for the Company. Williams is an accomplished global operations executive bringing more than 30 years of experience leading retail businesses. Williams is a respected and engaged leader focused on cultivating high ...

Sweetgreen, Inc. (SG) unveils its first location in Seattle at The Village of Totem Lake in Kirkland. This marks the company's entry into Washington, the first state in the Pacific Northwest, signifying its focus on domestic expansion.This expansion emphasizes collaboration, local sourcing and contributing to the unique essence of the Pacific Northwest. The company is optimistic in this regard and introduces a new dining option to The Village of Totem Lake, known for its enriching community experience. The ...

Like other restaurant chains, Sweetgreen Inc. is exploring automation, in its case with its Infinite Kitchens that use robotic technology to assemble salads and bowls. But Morgan Stanley analyst Brian Harbour isn’t sure the concept will translate easily to green for investors.“Increasingly the story feels to us like a bet on the Infinite Kitchen rollout, and whether this falters, or drives a real step change in economics and the unit development opportunity, which is needed for the stock to work, in our vie ...

SEATTLE--(BUSINESS WIRE)--Today, Sweetgreen, the mission-driven restaurant brand serving healthy food at scale, announces its debut in Seattle with its first location opening in The Village at Totem Lake in Kirkland on January 16. Washington marks the first state Sweetgreen has entered in the Pacific Northwest, a significant milestone amidst the brand's continued nationwide expansion. Sweetgreen, loved for its chef-crafted meals, is proud to bring a new, delicious and convenient option to The Village of To ...

All month long, fans can rack up special rewards on Sweetgreen’s free loyalty program, Sweetpass, and upgrade to Sweetpass+ to earn even more rewards. (Graphic: Business Wire)Sweetgreen recently expanded its menu with protein plates - a new collection of options to satisfy even the non-salad eaters, adding heartier proteins and double servings of grains. (Graphic: Business Wire)LOS ANGELES--(BUSINESS WIRE)--Today, Sweetgreen (NYSE: SG), the mission-driven restaurant brand serving healthy food at scale, anno ...

Financial Data and Key Metrics Changes - The company reported total revenue of $153.4 million for Q3 2023, a 24% increase year-over-year from $124 million in Q3 2022 [32][42] - Same-store sales grew by 4%, consisting of a 5% price increase, flat traffic, and a negative 1% mix [42] - Restaurant-level margin improved to 19%, a 300 basis point increase from the previous year, with restaurant-level profit reaching $29 million, up over $9 million year-over-year [24][33] - The net loss for the quarter was $25 million, an improvement from a loss of $51 million in the prior year, primarily due to a decrease in restructuring charges and an increase in restaurant-level profit [26][62] Business Line Data and Key Metrics Changes - The company opened 15 new restaurants in Q3, bringing the total to 220, with plans for one more in Q4, aiming for 35 net new openings for the year [14][43] - Digital sales accounted for 58% of Q3 revenue, with approximately two-thirds from owned digital channels [23] - Food, beverage, and packaging costs were 27% of revenue, a 100 basis point improvement from the previous year, while labor-related costs decreased to 29% of revenue, down 200 basis points [44] Market Data and Key Metrics Changes - The company noted strong customer reception for new menu items, particularly in Texas and the Southeast, indicating regional performance variations [18][88] - The launch of protein plates aims to capture a broader consumer segment, especially for dinner, which currently represents about 35% of sales [18][88] Company Strategy and Development Direction - The company is focused on expanding its footprint with plans to open 23 to 28 new stores in 2024, including deploying 7 to 9 Infinite Kitchens [35][36] - The Infinite Kitchen technology is expected to enhance throughput and improve margins, with a focus on high-volume urban stores for retrofitting [15][54] - The company aims to continue menu innovation and enhance the Sweetpass loyalty program to drive customer engagement and sales growth [38][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged consumer uncertainty heading into Q4, which is typically the softest quarter of the year due to holiday weeks [6][27] - The company expressed confidence in achieving positive adjusted EBITDA on a full-year basis in 2024, which would be a significant milestone [63] - Management highlighted the importance of stabilizing the workforce and improving team member experience, which has led to a decrease in turnover [58][73] Other Important Information - The Infinite Kitchen was recognized as one of 2023's best inventions in the food and drink category, showcasing the company's commitment to innovation [16] - The company has seen a decrease in general and administrative expenses, primarily due to a reduction in stock-based compensation [25][61] Q&A Session Summary Question: Can you discuss the development guidance for next year and the potential for Infinite Kitchens? - Management indicated that they are pleased with the results from the first Infinite Kitchen and are targeting higher volumes for future deployments, with a focus on learning from initial openings [66][69] Question: What are the main restrictions or opportunities for retrofitting existing units with Infinite Kitchens? - Management noted that many restaurants can eventually be retrofitted, emphasizing the modular nature of the technology and the need for further learnings [71] Question: How is the company addressing labor costs and turnover? - Management highlighted improvements in labor deployment and stability, which have contributed to margin leverage and reduced turnover [73] Question: What impact has Sweetpass had on customer engagement and sales? - Management stated that Sweetpass is still in the enrollment phase, but they expect it to be a significant driver of future sales growth [77][95] Question: Can you elaborate on the increase in discounting this quarter? - Management clarified that the slight increase in discounting was primarily due to the launch of Sweetpass Plus, rather than a broader strategy shift [92]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 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) (State or other j ...