Digital accounted for 65% of total revenue for the fast-casual brand in its first quarter as a public company
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Sweetgreen announced Thursday in its first earnings report as a public company that it saw a same-store sales increase of 36% in in the fourth quarter.
The Los Angeles-based fast-casual restaurant brand said 65% of its revenue come from digital revenue streams for the quarter that ended on Dec. 26.
“Our strong fourth quarter performance reflects our continued commitment to delivering sustainable results and great outcomes for our customers, our communities, and our company. We are extremely proud of our financial performance following a successful IPO and remain laser focused on executing against our growth strategies, including expanding and evolving our footprint and enhancing our digital experience with a focus on owned digital relationships,” said co-founder and CEO Jonathan Neman. “I have so much gratitude for our team members and network of more than 200 sustainable farmers and suppliers who power our mission every day of building healthier communities by connecting people to real food.”
In the quarter there were 10 net new restaurant openings, and the brand anticipates opening 35 net new restaurants according to the release. The fast-casual chain opened 31 net new restaurants in fiscal 2021.
“Our fourth quarter results demonstrate continued recovery from the pandemic” said CFO Mitch Reback. “We showed meaningful operating leverage as we experienced revenue growth, narrowed our operating loss, improved restaurant-level margins and leverage in our G&A, excluding stock-based compensation and non-recurring items. As we enter 2022, we are well positioned to make further progress towards our financial goals that prioritize unit growth and profitability.”
For the full fiscal year 2021, Sweetgreen saw a 25% increase in same-store sales versus -26% in the year prior. The brand went public in late October 2021
