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  • Salad chain Sweetgreen has filed to be listed with the New York Stock Exchange under the ticker SG.
  • The fiscal year ended December. 27 Sweetgreen recorded a net loss $141.2 million, on revenue in the range of $220.6 million.
  • The business of the salad chain has recovered this year with sales in the same-store increasing by 21% by the end of September. 26.

Sweetgreen, a salad chain Sweetgreen filed for registration on Monday to become a public company in the New York Stock Exchange under the ticker SG. The company hopes to be the first restaurant company to go public this year.

The company’s losses increased and sales fell due to the pandemic that ravaged its operations this year. The fiscal year that which ended on December. 27 Sweetgreen posted an operating losses of $141.2 million, despite a revenue in the range of $220.6 million, as per the prospectus. The company’s sales per store fell 26% over the course of the year after a rise of 15% in the previous fiscal year.

The chain has rebounded this year. Same-store sales have increased by 21% since September. 26. The company’s losses have decreased to $86.9 million, down from an decrease of $100.2 million in the prior year period.

Sweetgreen runs 140 of its restaurants in 13 states as well as Washington. In its brochure, Sweetgreen stated that it will increase its reach in the next three to five years. Over two-thirds of its revenues come from digital sales. The median unit volume for a store is $2.5 million at the time of September. 26.

In 2006, the company was founded. Sweetgreen has built an established customer base thanks to its salad menu that is customizable along with warm dishes that are appealing to those seeking healthy, easy alternatives. The company also has leaned on technologies for restaurants. It was in August that the company bought Spyce the Boston restaurant chain that established its robotic restaurant technology. A few months ago, Sweetgreen shared that it had filed a confidential application for a public offering.

The company isn’t immune to criticism. In September, Covid-19’s CEO as well as co-founder Jonathan Neman penned a LinkedIn post linking deaths at Covid-19 due to obesity. The post drew negative reactions through social media. The post was removed, in addition, Neman apologized for his comments.

A number of other restaurants have also made public market debuts in the past year with mostly positive outcomes. Coffee chain Dutch Bros have gone up 82% since the debut market debut in the month of September. First Watch Restaurant Group’s stock has increased by 22% since it was launched earlier in the month.

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