Los Angeles-based Sweetgreen is besting many of its restaurant competitors in the first quarter. The fast-casual chain reported 5% same-store sales increases and a 26% revenue increase year-over-year on Thursday.
Sweetgreen CEO Jonathan Neman stated that while January was tough with weather, the benefit of two holidays in the first quarter was a boon to business.
The quarter, ended March 31, saw most of its success from 41 net new store openings over the past year, resulting in $21.1 million in additional revenue.
CFO Mitch Reback mentioned that Sweetgreen was impacted by AB1228, increasing wages in late February. While it’s too early to see the full results, he said, the brand has made some adjustments.
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