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Sweetgreen Inc. (SG+1.18%) Class A has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing reports revenue of $173.4 million for the quarter, an increase from $153.4 million in the same quarter of the previous year. This growth is attributed to new restaurant openings and an increase in comparable restaurant sales.
Food, beverage, and packaging costs increased to $47.7 million, representing 28% of revenue, compared to 27% in the same quarter of the previous year.
Labor and related expenses were $47.5 million, or 27% of revenue, down from 29% in the previous year, reflecting improved labor optimization.
Occupancy and related expenses were $15.1 million, consistent at 9% of revenue compared to the previous year.
Other restaurant operating costs increased to $28.2 million, maintaining 16% of revenue, driven by delivery fees and credit card processing fees.
General and administrative expenses were $36.8 million, representing 21% of revenue, down from 23% in the previous year.
Depreciation and amortization expenses rose to $16.9 million, consistent at 10% of revenue.
Pre-opening costs decreased to $1.8 million, reflecting fewer new restaurant openings compared to the previous year.
Net loss for the quarter was $20.8 million, compared to $25.1 million in the previous year, with the improvement attributed to increased revenue and operational efficiencies.
Sweetgreen ended the quarter with $234.6 million in cash and cash equivalents, and no outstanding balance under its $45.0 million revolving credit facility.
The company opened 5 new restaurants during the quarter, bringing the total to 236 restaurants in 22 states and Washington, D.C.
The filing includes forward-looking statements regarding revenue, operating costs, and expansion plans, with a focus on integrating new kitchen technology and expanding the restaurant footprint.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sweetgreen Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.