Sweetgreen (SG) Goldman Sachs 31st Annual Global Retailing Conference summary

Business performance and outlook

• Achieved same-store sales acceleration, margin expansion, and strong EBITDA and cash flow in the recent quarter.

• Raised guidance for the year based on first-half results, but outlook for the second half is cautious due to external uncertainties like the election and economic climate.

• Confident in controllable factors such as menu, marketing, execution, and new store performance.

• New store openings in Seattle and Columbus, Ohio, have shown strong initial results.

• Guidance reflects best view of the environment, not assuming perfect external conditions.

Pricing, value, and customer perception

• Maintained a slower pace of price increases compared to peers, narrowing the price gap.

• Not a direct competitor to $5 value meals, but price value is now closer to competitors.

• Pricing strategy remains judicious and responsive to market dynamics.

Growth strategy and new store formats

• Plans to accelerate unit growth to 15% in 2025 and closer to 20% in 2026.

• Focus on expanding in existing markets with low store density and entering 2-3 new markets annually.

• New store strategy emphasizes in-person real estate selection and on-the-ground marketing.

• New formats, including digital-only pickup, drive-through, and Infinite Kitchen (IK), are being tested and expanded.