Sweetgreen, Inc. reported a revenue increase of 16% for the fiscal year ending December 29, 2024, reaching $676.8 million, compared to $584.0 million in the previous year. The company experienced a net loss of $90.4 million, an improvement from the $113.4 million loss reported in fiscal year 2023. This positive shift in financial performance was attributed to a combination of factors, including the opening of 25 new restaurants and a 6% increase in same-store sales, driven by a 4% rise in menu prices and a 2% increase in customer traffic.
In terms of operational metrics, Sweetgreen's Average Unit Volume (AUV) rose to $2.9 million, up from $2.9 million in the prior year. The company also reported that 30% of its revenue came from Owned Digital Channels, a decrease from 36% in fiscal year 2023, while total digital revenue accounted for 56% of overall revenue, down from 59%. The decline in digital revenue percentage was attributed to a recovery in in-store sales as customers returned to dining out more frequently.
Strategically, Sweetgreen has focused on expanding its restaurant footprint, with a total of 246 locations across 22 states and Washington, D.C. The company has also integrated its Infinite Kitchen technology into ten restaurants during fiscal year 2024, enhancing operational efficiency. Additionally, Sweetgreen launched steak as a new menu item, which is expected to contribute to future revenue growth. The company continues to prioritize its commitment to sustainability, aiming for carbon neutrality by 2027.
Sweetgreen's workforce as of December 29, 2024, totaled 6,407 employees, with 58% of leadership roles filled by internal promotions. The company has faced challenges related to labor costs and supply chain disruptions, particularly in the context of inflation and changing consumer behavior post-pandemic. Looking ahead, Sweetgreen anticipates continued revenue growth driven by new restaurant openings and menu diversification, although it remains cautious about potential economic downturns and their impact on consumer spending.
About Sweetgreen, Inc.
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