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- **Strategic Sale**: $186M Spyce sale bolsters liquidity ($100M) and reduces G&A by $8M/year.
- **Operational Reset**: 9.5% same-store sales decline, but 15-20 2026 openings focus on 40%+ returns.
- **Tech Integration**: Infinite Kitchen maintains 700bps labor savings via Wonder partnership.
- **Menu Innovation**: 25% protein portion increases, $13 entry points tested for elasticity.
- **Financial Discipline**: 2025 adj. EBITDA loss $13M-$10M, 2026 openings concentrated in high-margin markets.
- **Loyalty Engagement**: 20K weekly SG Rewards activations, personalized offers driving frequency.


**【Management Opening Remarks】**
- Rebecca Nounou introduced the call, highlighting the strategic sale of Spyce to Wonder for $186.4 million, which will infuse $100 million in liquidity and reduce G&A by $8 million annually. The sale prioritizes core restaurant operations and innovation.

**【CEO Commentary】**
- **Operational Challenges**: Q3 revenue $172.4M with 9.5% same-store sales decline, driven by Northeast and LA market underperformance. 
- **Strategic Shifts**: 
  - **Project One Best Way**: Rolled out Sweetpass and a restaurant scorecard to standardize operations, improving throughput and labor efficiency.
  - **Menu Innovation**: Increased protein portions by 25%, launching a protein-focused campaign with chef-curated items.
  - **Growth Discipline**: 2025 net openings reduced to 37 (15-20 in 2026), focusing on high-return markets like Arizona and Sacramento.
  - **Digital Experience**: SG Rewards program now includes Scan to Pay, driving loyalty and throughput.
- **Spyce Sale Impact**: Maintains Infinite Kitchen (IK) technology partnership with Wonder, reducing unit costs via economies of scale.

**【CFO Financial Commentary】**
- **Q3 Results**: 
  - Revenue $172.4M (-0.6% YoY), adj. EBITDA loss $4.4M vs. $6.8M prior year.
  - Restaurant-level margin 13.1% (down 700bps YoY) due to labor (29.1% of rev), COGS (30.7% of rev), and menu price deferral.
  - Protein cost increases offset by 2026 supply chain initiatives.
  - Tariffs added 50bps to COGS, with 60bps one-time write-off.
- **2025 Guidance**: 
  - Revenue $682-688M, same-store sales -8.5% to -7.7%, adj. EBITDA loss $13M-$10M.
  - 2026 net openings 15-20, with half featuring IK, targeting 40%+ cash-on-cash returns.
- **Balance Sheet**: $130M cash post-Spyce sale, prioritizing profitable growth and liquidity.

**【Q&A Highlights】**
- **Menu Pricing**: Testing $13 entry points and protein portion increases, with stage-gate process for new items.
- **Market Performance**: Dinner daypart most impacted, 25-35yo demographic down 15%, Northeast/LA comps down 800bps.
- **Infinite Kitchen**: IK restaurants show 700bps labor savings, 10bps COGS improvement vs. peers.
- **Loyalty Program**: SG Rewards activations at 20K/week, focusing on personalized offers.
- **Growth Strategy**: 2026 openings concentrated in high-margin markets like Salt Lake City.


Sweetgreen, Inc. (SG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SG

SG fundamentals

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