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SG's Debut in North Carolina's Charlotte Boosts Market Expansion
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Sweetgreen, Inc. (SG - Free Report) has set foot in North Carolina for the very first time, announcing its debut restaurant in the Uptown Charlotte location. The new location is expected to accommodate up to 42 diners inside and 26 diners on the restaurant's patio.
SG stock dipped 1.4% during the trading hours but inched up 0.1% in the after-hours on Monday.
More About Sweetgreen’s New Location
Following the latest menu launch of three limited-time-only menu items, this 2,479-square-foot restaurant in the Charlotte location has further boosted the company’s aim of nationwide expansion. The latest menu items that are to be served at the location will be made with ingredients sourced from SG’s new partners, including goat cheese from Goat Lady Dairy and sweet potatoes from farmer Randall Watkins of Watkins Farms.
Furthermore, in honor of the new location opening, Sweetgreen has partnered with Second Harvest Food Bank of Metrolina, which serves more than 950 partner agencies across 24 counties, 14 in North Carolina and 10 in South Carolina. SG stated that for every meal purchased on the opening day of Sept. 30, 2024, the restaurant would be donating a meal to the Food Bank.
The opening day also started with a party with the community joining in the day of celebration.
SG on an Expansion Spree
One of Sweetgreen’s key growth strategies includes restaurant expansion, which has been driving its prospects for some time now. The company opened four new restaurants in the second quarter, with a strong pipeline of new openings planned for the rest of 2024 and beyond.
The company’s new cohort of restaurant openings, including locations in Washington, DC, Chicago and a new market in New Hampshire, are outperforming the existing fleet in terms of weekly revenues. By focusing on strategic real estate choices and investing in brand awareness, Sweetgreen has entered emerging markets like the Midwest, Texas and the Southeast. It reported double-digit same-store sales growth in the region.
Image Source: Zacks Investment Research
SG’s shares have risen 46.5% in the past six months, notably outperforming the Retail - Restaurants industry’s 4.7% growth. Its focus on new restaurant openings, menu innovation and highly efficient Infinite Kitchen concept position it for long-term success.
SG’s Zacks Rank & Key Picks
Sweetgreen currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Retail-Wholesale sector.
ANF has a trailing four-quarter earnings surprise of 28%, on average. The stock has surged 133.3% in the past year. The Zacks Consensus Estimate for ANF’s fiscal 2024 sales and earnings per share (EPS) indicates growth of 13.1% and 63.4%, respectively, from the year-ago period’s levels.
Boot Barn Holdings, Inc. (BOOT - Free Report) currently carries a Zacks Rank #2 (Buy). BOOT has a trailing four-quarter earnings surprise of 7.1%, on average. The stock has risen 102.9% in the past year.
The consensus estimate for BOOT’s fiscal 2025 sales and EPS indicates growth of 11.5% and 10.3%, respectively, from the year-ago period’s levels.
Sprouts Farmers Market, Inc. (SFM - Free Report) currently carries a Zacks Rank of 2. SFM has a trailing four-quarter earnings surprise of 12%, on average. The stock has surged 162.8% in the past year.
The Zacks Consensus Estimate for SFM’s 2024 sales and EPS indicates a rise of 9.6% and 18.7%, respectively, from the year-ago period’s levels.
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SG's Debut in North Carolina's Charlotte Boosts Market Expansion
Sweetgreen, Inc. (SG - Free Report) has set foot in North Carolina for the very first time, announcing its debut restaurant in the Uptown Charlotte location. The new location is expected to accommodate up to 42 diners inside and 26 diners on the restaurant's patio.
SG stock dipped 1.4% during the trading hours but inched up 0.1% in the after-hours on Monday.
More About Sweetgreen’s New Location
Following the latest menu launch of three limited-time-only menu items, this 2,479-square-foot restaurant in the Charlotte location has further boosted the company’s aim of nationwide expansion. The latest menu items that are to be served at the location will be made with ingredients sourced from SG’s new partners, including goat cheese from Goat Lady Dairy and sweet potatoes from farmer Randall Watkins of Watkins Farms.
Furthermore, in honor of the new location opening, Sweetgreen has partnered with Second Harvest Food Bank of Metrolina, which serves more than 950 partner agencies across 24 counties, 14 in North Carolina and 10 in South Carolina. SG stated that for every meal purchased on the opening day of Sept. 30, 2024, the restaurant would be donating a meal to the Food Bank.
The opening day also started with a party with the community joining in the day of celebration.
SG on an Expansion Spree
One of Sweetgreen’s key growth strategies includes restaurant expansion, which has been driving its prospects for some time now. The company opened four new restaurants in the second quarter, with a strong pipeline of new openings planned for the rest of 2024 and beyond.
The company’s new cohort of restaurant openings, including locations in Washington, DC, Chicago and a new market in New Hampshire, are outperforming the existing fleet in terms of weekly revenues. By focusing on strategic real estate choices and investing in brand awareness, Sweetgreen has entered emerging markets like the Midwest, Texas and the Southeast. It reported double-digit same-store sales growth in the region.
Image Source: Zacks Investment Research
SG’s shares have risen 46.5% in the past six months, notably outperforming the Retail - Restaurants industry’s 4.7% growth. Its focus on new restaurant openings, menu innovation and highly efficient Infinite Kitchen concept position it for long-term success.
SG’s Zacks Rank & Key Picks
Sweetgreen currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Zacks Retail-Wholesale sector.
Abercrombie & Fitch Co. (ANF - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
ANF has a trailing four-quarter earnings surprise of 28%, on average. The stock has surged 133.3% in the past year. The Zacks Consensus Estimate for ANF’s fiscal 2024 sales and earnings per share (EPS) indicates growth of 13.1% and 63.4%, respectively, from the year-ago period’s levels.
Boot Barn Holdings, Inc. (BOOT - Free Report) currently carries a Zacks Rank #2 (Buy). BOOT has a trailing four-quarter earnings surprise of 7.1%, on average. The stock has risen 102.9% in the past year.
The consensus estimate for BOOT’s fiscal 2025 sales and EPS indicates growth of 11.5% and 10.3%, respectively, from the year-ago period’s levels.
Sprouts Farmers Market, Inc. (SFM - Free Report) currently carries a Zacks Rank of 2. SFM has a trailing four-quarter earnings surprise of 12%, on average. The stock has surged 162.8% in the past year.
The Zacks Consensus Estimate for SFM’s 2024 sales and EPS indicates a rise of 9.6% and 18.7%, respectively, from the year-ago period’s levels.