Sweetgreen Predicts Profitability in 2023, Automating All Stores in Five Years
Company Sees Growth in Restaurant-Level Margins, Revenues
Adjusted EBITDA Expected to Rise, Signaling Move Towards Break-Even
Sweetgreen, the popular salad chain, has announced its financial projections for 2023, expressing optimism about reaching profitability this year. In a recent earnings call, CEO Jonathan Neman said the company is confident in its strategy and expects to see continued growth.
The company's fourth quarter results showed a 500 basis point increase in restaurant-level profit margins compared to 2022. This growth was driven by increased revenues and a rise in restaurant-level margins from 14% to 18%.
Sweetgreen also expects an adjusted EBITDA between $8 million and $15 million in 2023, a significant improvement from previous years. This projection signals the company's progress toward break-even and long-term success.
Looking ahead, Sweetgreen plans to automate all of its stores within the next five years. This move is expected to further increase efficiency, reduce costs, and improve the customer experience.
"We remain confident that our strategy positions Sweetgreen for success today as well as for the long term," said Neman. "We are excited about the future and believe that 2023 will be a pivotal year for our company."
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