Sweetgreen’s ability, Neman said, to understand consumer preferences and behavior is going to allow it to better balance a post-COVID world where physical and digital infrastructure share critical mass for quick-serves. Greater order frequency, larger average order value, and access to data are the core aims. In addition to the profitability gain, Neman said this enabled the brand to deliver a seamless and personalized experience that provides “several strategic advantages” coming out of the pandemic.
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To the earlier statistics, two-thirds of Sweetgreen’s digital sales came through its own manual channels last year-app and website.
“ We consider ourselves an industry leader in the shift to digital,” Neman said. The latter are trademarked offsite drop-off points, which Sweetgreens places in offices, residential buildings, and hospitals.Īnd Sweetgreen was an early mover in developing its own native delivery experience (2020) alongside marketplace options. Sweetgreen introduced digital pickup then, and followed with its B2B “Outposts” in 2018. This is something that stretches back nine years. But “owned digital” was 46 percent (versus 75 and 56 percent, respectively, in the year-ago period). While deciphering pandemic results often feels like trying to breathe on the moon, there are underlying currents Sweetgreen feels point to sustained growth.įor one, its total digital revenue percentage in 2021 was 67 percent. It swung a net loss of $153.2 million last year.
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Sweetgreen expects revenue from $100 million to $102 million in Q1 and margins of 10–11 percent (the chain projects margins of 16–17 percent for the full year). Average-unit volumes upped to $2.6 million from $2.2 million and restaurant-level margins were 13 percent, rebounding from negative 4 percent in 2020. Same-store sales climbed 25 percent compared to negative 26 percent, year-over-year. Sweetgreen’s revenue last year of $340 million was a company high mark, and an increase of 54 percent from 2020. Sweetgreen CFO Mitch Reback believes this class will achieve year-two revenues targets between $2.8 million and $3 million. Atlanta (three stores) and Dallas (one) represented fresh trade areas. This follows a fiscal 2021 that saw 31 restaurants open, despite pandemic delays and setbacks, comprised of 13 urban, 18 suburban, and one residential location.
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Year-to-date so far, the company brought six restaurants to market and entered San Diego for the first time. In 2022, Sweetgreen expects to open at least 35 new venues, including landing in two to three new markets alongside infilled growth. Neman said the chain is on track to double in the next three to five years, and sees clear runway for 1,000 locations by the end of the decade. The brand’s November IPO is going to deliver answers quickly, executives said Thursday in Sweetgreen’s first quarterly report as a public company. What this mission looks like at scale, or as co-founder and CEO Jonathan Neman says, can Sweetgreen become “ the category-defining food brand of our generation?”-are questions still on the table. The fast casual ended 2021 with 150 stores. Yet this remains a young story for a brand created 15 years ago by three college friends in a 560-square-foot Washington, D.C. Since 2014, Sweetgreen has grown fivefold across the country.
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