Sweetgreen, Inc. (NYSE:SG) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Company Participants

Rebecca Nounou - Head, Investor Relations

Jonathan Neman - Co-Founder and Chief Executive Officer

Mitch Reback - Chief Financial Officer

Conference Call Participants

Brian Mullan - Piper Sandler

Brian Bittner - Oppenheimer

Katherine Griffin - Bank of America

Matt Curtis - William Blair

Zach Ogden - TD Cowen

Operator

Good afternoon. My name is Jeannie and I will be your conference operator today. At this time, I would like to welcome everyone to Sweetgreen, Inc. Q3 2023 Earnings Call. [Operator Instructions] Thank you. 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 Chief Executive Officer; 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.

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. Together with my co-founders, Nicolas and Nathaniel, we opened our first Sweetgreen in a 560 square foot old burger Shack in Washington, D.C., a little over 16 years ago, with a vision to redefine fast food. We sourced fresh, local and organic ingredients from local farmers markets, to serve the community healthy, delicious meals. We worked alongside 10 team members to prep, chop and roast every day in the restaurant.

Fast forward to today, we source from over 200 farmers we know and partners we trust. We work with over 6,000 team members across our 220 restaurants nationwide and thoughtfully prepared these ingredients and cooked from scratch to deliver food that is fresh, craveable and nutritious with our signature sweet touch hospitality to millions of devoted customers around the country.