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Newly public Sweetgreen explodes to 36% of same-store sales

Sweetgreen said in its first earnings report as a public company on Thursday that it saw a 36% increase in same-store sales in the fourth quarter.

The Los Angeles-based fast food brand said 65% of its revenue came from digital revenue streams for the quarter that ended Dec. 26.

“Our strong performance in the fourth quarter reflects our continued commitment to delivering sustainable results and great results for our customers, our communities and our business. We are extremely proud of our financial performance after a successful IPO and remain focused on the execution of 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 Néman. I have so much gratitude for our team members and our network of 200+ sustainable farmers and suppliers who power our mission every day to build healthier communities by connecting people to real food.”

During the quarter, there were 10 net new restaurant openings and the brand plans to open 35 net new restaurants according to the release. The fast-food chain opened 31 net new restaurants in fiscal 2021.

“Our fourth quarter results demonstrate a continued recovery from the pandemic,” Chief Financial Officer Mitch Reback said. “We showed significant operating leverage as we experienced revenue growth, reduced our operating loss, improved margins at the restaurant level and leverage in our G&A, excluding the stock-based compensation and one-time items. As we enter 2022, we are well positioned to make further progress toward our financial goals that prioritize unit growth and profitability.”

For the full fiscal year 2021, Sweetgreen recorded a 25% increase in same-store sales compared to -26% the previous year. The brand went public at the end of October 2021