Sweetgreen, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sweetgreen, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Sweetgreen, Inc. (SG) filed a Annual Report (10-K) with the SEC on February 29, 2024. Sweetgreen, Inc. reported its fiscal year 2023 results in its 10-K filing. The filing covers the period ending December 31, 2023. The company's principal business is in the Eating Places industry (SIC 5812). Sweetgreen, Inc. is incorporated in Delaware. The filing was submitted on February 29, 2024.

Why It Matters

For investors and stakeholders tracking Sweetgreen, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sweetgreen's financial health, operational performance, and strategic initiatives for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this filing allows stakeholders to evaluate the company's revenue streams, cost structures, and any potential risks or opportunities that may impact its market position and profitability.

Risk Assessment

Risk Level: medium — Sweetgreen, Inc. shows moderate risk based on this filing. The company operates in the highly competitive fast-casual restaurant sector, facing challenges related to labor costs, occupancy expenses, and other operational costs, which can impact profitability and growth.

Analyst Insight

Investors should analyze Sweetgreen's revenue growth, cost management strategies, and store expansion plans detailed in the 10-K to assess its long-term viability and potential for market share gains.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal Year End)
• 20240229 — Filing Date (Filed As Of Date)
• 113 — Document Count (Public Document Count)
• 001-41069 — SEC File Number (SEC File Number)

Key Players & Entities

• Sweetgreen, Inc. (company) — Company Conformed Name
• 20231231 (date) — Conformed Period of Report
• 20240229 (date) — Filed As Of Date
• DE (jurisdiction) — State of Incorporation
• 5812 (industry_code) — Standard Industrial Classification
• 3101 W. EXPOSITION BOULEVARD (address) — Business Address Street 1
• LOS ANGELES (city) — Business Address City
• CA (state) — Business Address State

FAQ

Risk Factors

• Labor and Related Expenses [medium — operational]: Significant labor and related expenses can impact the company's profitability and ability to manage costs effectively.
• Occupancy and Related Expenses [medium — operational]: Occupancy and related expenses, such as rent, are a substantial cost component that can affect financial performance.
• Other Restaurant Expenses [medium — operational]: Various other restaurant-related expenses contribute to the overall cost structure and can influence profitability.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Sweetgreen, Inc.)

Filing Documents

• sg-20231231.htm (10-K) — 2456KB
• sweetgreen-ex1052021equity.htm (EX-10.5) — 344KB
• exhibit1011execuitveemploy.htm (EX-10.11) — 62KB
• exhibit1013executiveemploy.htm (EX-10.13) — 62KB
• exhibit1014executiveemploy.htm (EX-10.14) — 59KB
• exhibit1015executiveemploy.htm (EX-10.15) — 63KB
• exhibit1016executiveemploy.htm (EX-10.16) — 59KB
• exhibit1017executiveemploy.htm (EX-10.17) — 62KB
• exhibit1018separationagree.htm (EX-10.18) — 58KB
• exhibit211subsidiariesofth.htm (EX-21.1) — 4KB
• exhibit231deloitteconsent2.htm (EX-23.1) — 2KB
• exhibit311fy202310-k.htm (EX-31.1) — 9KB
• exhibit312fy202310-k.htm (EX-31.2) — 9KB
• exhibit321fy202310-k.htm (EX-32.1) — 7KB
• exhibit971incentivecompens.htm (EX-97.1) — 45KB
• sg-20231231_g1.jpg (GRAPHIC) — 93KB
• 0001628280-24-008066.txt (&nbsp;) — 12495KB
• sg-20231231.xsd (EX-101.SCH) — 73KB
• sg-20231231_cal.xml (EX-101.CAL) — 105KB
• sg-20231231_def.xml (EX-101.DEF) — 535KB
• sg-20231231_lab.xml (EX-101.LAB) — 968KB
• sg-20231231_pre.xml (EX-101.PRE) — 733KB
• sg-20231231_htm.xml (XML) — 1323KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 53

C

Item 1 C . Cybersecurity 53 Item 2.

Properties

Properties 55 Item 3.

Legal Proceedings

Legal Proceedings 55 Item 4. Mine Safety Disclosures 55 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. [Reserved] 58 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 86 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 107 Item 9A.

Controls and Procedures

Controls and Procedures 107 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 109 Part III Item 10. Directors, Executive Officers and Corporate Governance 110 Item 11.

Executive Compensation

Executive Compensation 110 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 110 Item 13. Certain Relationships and Related Transactions, and Director Independence 110 Item 14. Principal Accounting Fees and Services 110 Part IV Item 15. Exhibits, Financial Statement Schedules II- 1 Item 16. Form 10-K Summary II- 5

Signatures

Signatures S- 1 2 Tab le o f Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words or phrases such as "anticipate," "are confident that," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, restaurant operating costs, operating expenses, and other results of operations, as well as our key performance metrics; our expectations regarding our sales channel mix and impact on our margins and business; our expectations regarding the effects of inflation, increased interest rates, an economic downturn, higher labor rates, and increased supply chain costs, as well as any future pricing actions taken in an effort to mitigate the effects of inflation or other increases in our costs and expenses; our expectations regarding macroeconomics and geopolitical conditions and the resulting impact on our business and results of operations; our expectations about customer behavior trends as a result of economic conditions and macroeconomic, geopolitical, severe weather conditions, and other major events including expectations regarding the rate and frequency which employees return to offices following the COVID-19 pandemic and as a result of com

BUSINESS

ITEM 1. BUSINESS Our Mission To Build Healthier Communities by Connecting People to Real Food Overview Sweetgreen, Inc., a Delaware corporation (together with its subsidiaries, "Sweetgreen", "we", "us" or the "Company") is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of December 31, 2023 , we owned and operated 221 restaurants in 18 states and Washington, D.C. Our Food Ethos We believe the choices we make about what we eat, where it comes from and how it is prepared have a direct impact on our health, our communities and the planet. This is our Food Ethos, and it is firmly rooted in every aspect of our business. At Sweetgreen, we only serve Real Food, which for us means: Plant-forward Celebrates seasonality Made fresh in our restaurants Prioritizes organic, regenerative, and local sourcing Meets strict and humane animal welfare and seafood standards Free of highly-processed preservatives, artificial flavors, and refined or hidden sugars Mindful of the carbon impact of each ingredient to protect future generations This commitment to our Food Ethos keeps our food delicious, nutrient dense and sustainable. At Sweetgreen, Real Food tastes better, makes you feel better, and drives the frequency that has defined our success. Our Menu Offering We have designed our menu to be delicious, customizable and convenient to empower our customers to make healthier choices for both lunch and dinner. We are constantly seeking ways to enhance our menu, all while honoring our Food Ethos. Our Core Menu Our core menu features 13 curated, signature items which are offered year-round in all of our locations, including our latest addition of protein plates. In addition to our core menu items, our single most popular item is the "custom" salad or bowl, which can include million

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View this 10-K filing on SEC EDGAR