West Adams-based Sweetgreen Inc., a healthy fast food restaurant chain, opened its first location in Rhode Island earlier this month as the company expands into more suburban areas.
“We’re excited to be expanding our New England footprint and to provide the Cranston community with a new healthy and satisfying option,” Jonathan Neman, Sweetgreen’s co-founder and chief executive, said in a statement. “We were drawn to Cranston (Rhode Island) because it’s an active, thriving community where we think Sweetgreen will flourish. We hope that our guests feel a deeper connection to real food every time they walk through our doors.”
In December, the company opened its first restaurant in Tampa, Florida, its fifth new market last year.
In November, the company opened its first advanced-order vehicle pickup window dubbed “sweetlane,” in Schaumburg, Illinois.
“We hope this new experience provides ease and accessibility for the community craving deliciously fresh and healthy plant-forward food,” Neman said in a statement at the time.
Sweetlane is expected to make it easier for vehicles to pick up online orders. Customers can order on Sweetgreen’s website or app and then pick up using the sweetlane.
The company also expanded in the Midwest last year, opening locations in areas such as Michigan, Indianapolis and Minnesota.
The company, however, has had a rocky time of late. One year ago, its stock was more than $26 a share. It has fallen since and last week hit $7.96 a share.
Earlier this month, the company renamed its menu item, which was at the time known as the “Chipotle Chicken Burrito Bowl” two days after Chipotle Mexican Grill Inc. sued Sweetgreen, alleging trademark infringement.
During the fourth quarter, the company reported a net loss of $49.3 million. That’s less than the prior year’s loss of $66.2 million. Total revenue increased as did same-store sales.
Still, the company is looking to grow. In 2023, the chain plans to open 30-35 stores, including six to seven during the first quarter alone, according to its most recent earnings report.
“We enter 2023 with solid momentum and remain confident in the strength of the Sweetgreen brand to endure for years to come,” Neman said in a statement at the time the company announced its fourth quarter earnings. “In 2022 we were faced with a challenging economic backdrop and some specific operating challenges. Accordingly, we went back to basics and focused on our Intimacy at Scale playbook, which is showing signs of success. As we begin 2023, customers remain core to everything we do as we focus on disciplined, capital-efficient growth and our path to profitability.”
