Sweetgreen Salad Chain Files to Go Public on the NYSE

Salad chain Sweetgreen is officially the latest restaurant company to hit the public markets this year and has filed to go public on the New York Stock Exchange under the ticker SG.

Founded in 2007 by Nicholas Jammet, Nathanial Ru, and Jonathan Neman, Sweetgreen is an American fast casual restaurant chain that serves sales.

In the fiscal year ended Dec. 27, the company had reported a net loss of $141.2 million on revenue of $220.6 million. This year however the company’s business has bounced back with same-store sales growing 21% as of September 26th.

The company’s losses widened and sales shrank as Covid-19 hurt the business in 2020. In the fiscal year ended Dec. 27, Sweetgreen reported a net loss of $141.2 million on revenue of $220.6 million, according to the company’s prospectus. The chain’s same-store sales sank 26% during that time after climbing 15% in the prior fiscal year.

This year however same-store sales have increased by 21% a of September 26th. Losses narrowed to $86.9 million from a loss of $100.2 million in the year ago period.

The restaurant salad chain operates 140 restaurants across 13 states and Washington. In the prospectus, Sweetgreen said it plans to double its footprint over the next 3 to 5 years.

Over two-thirds of the company’s revenue comes from digital sales and the average unit volume for a location is $2.5 million, as of Sept. 26.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.