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 ...

[Sweetgreen, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results](index=1&type=section&id=Sweetgreen%2C%20Inc.%20Announces%20Fourth%20Quarter%20and%20Fiscal%20Year%202023%20Financial%20Results) Sweetgreen reported strong Q4 and FY2023 financial results, showing significant revenue growth and improved profitability [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) In the fourth quarter of 2023, Sweetgreen's total revenue increased by 29% year-over-year to **$153.0 million**, driven by a 6% rise in same-store sales, significantly improving profitability by narrowing its net loss to **$(27.4) million** and increasing its Restaurant-Level Profit Margin to **16%** from 11% Q4 2023 vs. Q4 2022 Key Financial Metrics | Metric | Q4 2023 (Millions USD) | Q4 2022 (Millions USD) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $153.0 | $118.6 | +29% | | Same-Store Sales Change | 6% | 4% | +2 p.p. | | Restaurant-Level Profit | $24.8 | $12.8 | +93.8% | | Restaurant-Level Profit Margin | 16% | 11% | +5 p.p. | | Net Loss | $(27.4) | $(49.3) | Improved | | Adjusted EBITDA | $(1.8) | $(17.9) | Improved | - The company opened **1** net new restaurant in Q4 2023, compared to **10** in the same period last year[3](index=3&type=chunk) - Total Digital Revenue Percentage was **58%** and Owned Digital Revenue Percentage was **34%**, down from **61%** and **40%** respectively in the prior year period[3](index=3&type=chunk) [Full Year Fiscal 2023 Financial Highlights](index=1&type=section&id=Full%20Year%20Fiscal%202023%20Financial%20Highlights) For the full fiscal year 2023, total revenue grew by **24%** to **$584.0 million**, with profitability metrics showing substantial improvement as net loss reduced to **$(113.4) million** and Adjusted EBITDA neared breakeven at **$(2.8) million** Fiscal Year 2023 vs. 2022 Key Financial Metrics | Metric | Fiscal Year 2023 (Millions USD) | Fiscal Year 2022 (Millions USD) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $584.0 | $470.1 | +24% | | Same-Store Sales Change | 4% | 13% | -9 p.p. | | Restaurant-Level Profit | $101.9 | $69.3 | +47.0% | | Restaurant-Level Profit Margin | 17% | 15% | +2 p.p. | | Net Loss | $(113.4) | $(190.4) | Improved | | Adjusted EBITDA | $(2.8) | $(49.9) | Improved | | Net New Restaurant Openings | 35 | 36 | -1 | - Average Unit Volume (AUV) remained consistent with the prior year at **$2.9 million**[3](index=3&type=chunk) [Management Commentary and Operational Review](index=2&type=section&id=Management%20Commentary%20and%20Operational%20Review) Management highlights strong 2023 performance, driven by operational improvements and strategic initiatives, focusing on future profitability [CEO Commentary and Q4 Performance Details](index=2&type=section&id=CEO%20Commentary%20and%20Q4%20Performance%20Details) Management highlighted 2023 as a strong year of high growth and significant operating leverage, with a **500 basis point** expansion in restaurant-level profit margins, driven by **29%** Q4 revenue growth and a **$6.4 million** reduction in stock-based compensation - CEO Jonathan Neman stated that the company's guidance calls for **Adjusted EBITDA profitability in 2024**, with a focus on menu innovation, restaurant operations, and the Infinite Kitchen to drive traffic[4](index=4&type=chunk) - Q4 2023 revenue growth of **29%** was primarily due to **45** net new restaurant openings since Q4 2022 and a **6%** same-store sales increase[5](index=5&type=chunk) - Restaurant-Level Profit Margin increased by **over 500 basis points** in Q4 2023 versus the prior year, attributed to menu price increases, labor optimization, and improved supply chain sourcing[6](index=6&type=chunk) - General and administrative expense decreased to **23%** of revenue in Q4 2023 from **37%** in Q4 2022, largely due to a **$6.4 million** decrease in stock-based compensation expense[7](index=7&type=chunk) [2024 Outlook](index=2&type=section&id=2024%20Outlook) The company provides its 2024 financial outlook, projecting continued revenue growth and a path to Adjusted EBITDA profitability [Full Year 2024 Outlook](index=2&type=section&id=Full%20Year%202024%20Outlook) For the full fiscal year 2024, Sweetgreen anticipates achieving positive Adjusted EBITDA between **$8 million** and **$15 million**, planning **23-27** net new restaurants and projecting revenue in the range of **$655 million** to **$670 million** Fiscal Year 2024 Guidance | Metric | Guidance Range (Millions USD) | | :--- | :--- | | Net New Restaurant Openings | 23 - 27 | | Revenue | $655 - $670 | | Same-Store Sales Change | 3% - 5% | | Restaurant-Level Profit Margin | 18.0% - 19.5% | | Adjusted EBITDA | $8 - $15 | [First Quarter 2024 Outlook](index=2&type=section&id=First%20Quarter%202024%20Outlook) For the first quarter of 2024, the company forecasts revenue between **$150 million** and **$154 million** and a same-store sales increase of approximately **3%**, with an Adjusted EBITDA loss of **$(2) million** to **$(4) million** expected First Quarter 2024 Guidance | Metric | Guidance Range (Millions USD) | | :--- | :--- | | Net New Restaurant Openings | 5 - 6 | | Revenue | $150 - $154 | | Same-Store Sales Change | ~3% | | Restaurant-Level Profit Margin | 16% - 17% | | Adjusted EBITDA | $(4) - $(2) | [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the company's condensed consolidated financial statements, including operations, balance sheet, and cash flow data [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations for Q4 and fiscal year 2023 show year-over-year revenue growth and significant reductions in operating and net losses, with full-year revenue increasing **24%** to **$584.0 million** and net loss improving to **$(113.4) million** Q4 Statement of Operations Highlights (in thousands) | Account | Q4 2023 (Thousands USD) | Q4 2022 (Thousands USD) | | :--- | :--- | :--- | | Revenue | $153,026 | $118,570 | | Loss from operations | $(29,289) | $(47,711) | | Net loss | $(27,414) | $(49,258) | | Net loss per share | $(0.24) | $(0.44) | Full Year Statement of Operations Highlights (in thousands) | Account | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :--- | :--- | | Revenue | $584,041 | $470,105 | | Loss from operations | $(122,344) | $(193,337) | | Net loss | $(113,384) | $(190,441) | | Net loss per share | $(1.01) | $(1.73) | [Selected Balance Sheet, Cash Flow and Operating Data](index=9&type=section&id=Selected%20Balance%20Sheet%2C%20Cash%20Flow%20and%20Operating%20Data) As of December 31, 2023, Sweetgreen held **$257.2 million** in cash and cash equivalents, demonstrating a significant turnaround by generating **$26.5 million** in cash from operations in 2023, while key operating metrics like AUV remained stable Selected Balance Sheet Data (in thousands) | Account | Dec 31, 2023 (Thousands USD) | Dec 25, 2022 (Thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $257,230 | $331,614 | | Total assets | $856,557 | $908,935 | | Total liabilities | $373,960 | $367,709 | | Total stockholders' equity | $482,597 | $541,226 | Selected Cash Flow Data (in thousands) | Activity | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :--- | :--- | | Net cash from operating activities | $26,480 | $(43,169) | | Net cash used in investing activities | $(95,665) | $(102,023) | | Net cash (used in) from financing activities | $(5,199) | $4,632 | [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP measures, including Restaurant-Level Profit and Adjusted EBITDA, for a clearer view of core operational performance [Reconciliation of Loss from Operations to Restaurant-Level Profit](index=10&type=section&id=Reconciliation%20of%20Loss%20from%20Operations%20to%20Restaurant-Level%20Profit) This reconciliation adjusts GAAP loss from operations to Restaurant-Level Profit by adding back corporate expenses, showing a substantial increase to **$101.9 million** (**17% margin**) in fiscal year 2023, demonstrating improved store-level profitability Restaurant-Level Profit Reconciliation - Full Year (in thousands) | Line Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :--- | :--- | | Loss from operations | $(122,344) | $(193,337) | | Add back: G&A, D&A, etc. | $224,264 | $262,623 | | **Restaurant-Level Profit** | **$101,920** | **$69,286** | | **Restaurant-Level Profit Margin** | **17%** | **15%** | [Reconciliation of Net Loss to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) This table reconciles GAAP net loss to Adjusted EBITDA by excluding non-cash expenses and other specific items, showing dramatic improvement from a loss of **$(49.9) million** in fiscal 2022 to **$(2.8) million** in fiscal 2023, indicating strong progress towards profitability Adjusted EBITDA Reconciliation - Full Year (in thousands) | Line Item | FY 2023 (Thousands USD) | FY 2022 (Thousands USD) | | :--- | :--- | :--- | | Net loss | $(113,384) | $(190,441) | | Add back: Adjustments* | $110,589 | $140,507 | | **Adjusted EBITDA** | **$(2,795)** | **$(49,934)** | | **Adjusted EBITDA Margin** | **0%** | **(11)%** | *Adjustments include taxes, interest, D&A, stock-based compensation, etc. - The largest adjustment in the reconciliation for FY 2023 was stock-based compensation expense of **$49.5 million**, followed by depreciation and amortization of **$59.5 million**[40](index=40&type=chunk) [Glossary and Definitions](index=4&type=section&id=Glossary%20and%20Definitions) This section defines key performance indicators and non-GAAP financial measures used to evaluate the company's operational and financial performance [Key Performance Indicators and Non-GAAP Measures](index=4&type=section&id=Key%20Performance%20Indicators%20and%20Non-GAAP%20Measures) This section defines key operational metrics like Average Unit Volume (AUV) and Same-Store Sales Change, along with non-GAAP financial measures such as Restaurant-Level Profit and Adjusted EBITDA, explaining their composition and rationale - Key operational metrics are defined, including **Average Unit Volume (AUV)**, **Same-Store Sales Change**, and **Net New Restaurant Openings**[17](index=17&type=chunk) - **Restaurant-Level Profit** is defined as loss from operations adjusted to exclude general and administrative expenses, depreciation and amortization, and other specific costs to measure the profitability of restaurants[18](index=18&type=chunk) - **Adjusted EBITDA** is defined as net loss adjusted for items including interest, taxes, depreciation, amortization, and stock-based compensation to facilitate operating performance comparisons[19](index=19&type=chunk)

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 ...