Sweetgreen, Inc. (NYSE:SG) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET

Company Participants

Rebecca Nounou - Head of Investor Relations

Jonathan Neman - Co-Founder and Chief Executive Officer

Mitch Reback - Chief Financial Officer

Conference Call Participants

John Ivankoe - JPMorgan

Chris Carril - RBC Capital Markets

Sharon Zackfia - William Blair

Andrew Charles - TD Cowen

Katherine Griffin - Bank of America

Operator

Good afternoon. My name is Emma and I'll be your conference operator today. At this time, I would like to welcome everyone to the Sweetgreen First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. [Operator Instructions]

Rebecca Nounou, Head of Investor Relations, you may begin your conference.

Rebecca Nounou

Thank you, and good afternoon, everyone. Here with me today are Jonathan Neman, Co-Founder and CEO; and Mitch Reback, Chief Financial Officer. Before we begin, we have a couple of reminders. Our earnings release is available on our website at investor.sweetgreen.com.

During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company’s SEC filings, including the section titled Risk Factors in our latest Annual Report on Form 10-K filing and subsequently filed quarterly report on Form 10-Q. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements.

Additionally, we will be discussing certain non-GAAP financial measures, which are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this afternoon’s press release available on our IR website.

And with that, it’s my pleasure to turn the call over to Jonathan to kick things off.

Jonathan Neman

Thank you, Rebecca. And good afternoon, everyone. This is a really exciting time for Sweetgreen, and I'm energized by all the strategic updates we will share with you today. We believe times like these create opportunities for companies with great brands, large addressable markets and loyal customers. And we expect to look back on this period as a moment that catalyzed our next phase of durable growth. We recognize that great businesses have to be and companies balancing growth and profitability. And I'm confident that the actions we have taken over the last few quarters put it squarely on the path to grow shareholder value in the years ahead. Becoming a large profitable company starts with providing exceptional guest experiences.