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Sweetgreen shares surged 35% on Friday after the company topped Wall Street's revenue expectations for the first quarter. The salad chain reported $158 million in revenue, beating the LSEG consensus estimate of $152 million. It is an increase of 26% from the prior-year period, when it reported revenue of $125.1 million. Neman added that the company remains "on track" to open about seven new automated Infinite Kitchen restaurants this year and plans to establish more next year. The company announced Tuesday it's introducing steak to the menu, expanding its protein offerings with a Caramelized Garlic Steak protein plate, a Steakhouse Chopped warm bowl and a Kale Caesar (Steak) salad.
Persons: Sweetgreen, Jonathan Neman, Kale Caesar, Nicolas Jammet, We're Organizations: Wall, South Lake Union, Analysts Locations: Neman, South Lake, Seattle, Boston
Nearly two decades after the fast-casual salad chain Sweetgreen was founded, the company announced on Tuesday that it would introduce beef to its menu. According to Nicolas Jammet, a founder of Sweetgreen, the addition of a caramelized garlic steak option comes at a time when many Americans are trying to increase their protein intake and also as Sweetgreen is looking to attract more customers for dinner. The decision, however, leaves many questions about how the company, which has more than 225 locations, may accomplish its goal of carbon neutrality by 2027 when beef production is a significant factor in climate change. As the company’s website states, “Not only do we have a duty on a human level to do our part, but the business case for a great product that also protects the planet is clear.”Mr. Jammet said the company waited to introduce steak in part because it was challenging to prepare among other items in the restaurants, but also because Sweetgreen wanted to be intentional about how it sourced the beef.
Persons: Nicolas Jammet, , Mr, Jammet, Sweetgreen Organizations: Sweetgreen
Insider was invited to the chain's test kitchen in Los Angeles to try the new dishes. AdvertisementAdvertisementWhen I reviewed Sweetgreen and Cava last month, I found the most superb thing on the Sweetgreen menu was not a salad. They've tested a few of these protein-packed meals over the years. But, the hot honey chicken has been the only core item on the plates menu for the past few years. Besides the new meals, we also tried a third grain the chain is adding to the menu and new toppings such as crispy onions.
Persons: , Sweetgreen, Nicolas Jammet, Chad Brauze Organizations: Service Locations: Chipotle, Los Angeles, Cava, Angeles
Sweetgreen on Thursday reported a narrower-than-expected loss in its first quarter after slowing its expansion to focus on profitability. The salad chain, which went public in November 2021, is aiming to turn a profit for the first time by 2024. Net sales climbed 22% year over year to $125.1 million, and same-store sales rose 5%, topping FactSet estimates of 4.9%. Sweetgreen CEO Jonathan Neman told CNBC that the chain's Chicken + Chipotle Pepper Bowl drew in new customers and generated buzz. Sweetgreen reiterated most of its 2023 forecast, which projects revenue between $575 million to $595 million and same-store sales growth of 2% to 6%.
Sweetgreen is launching its take on Rice Krispies Treats, its first dessert since 2014. The Crispy Rice Treat is available nationwide starting Monday for $2.95. To create the new dessert, Sweetgreen teamed up with pastry chef Malcolm Livingston II as the company's first chef in residence. Jammet said he met Livingston a few years ago in Copenhagen and he stayed in touch with the pastry chef. It was a "no-brainer" to start with a version of the Rice Krispies Treat given the nostalgia it evokes, Livingston said.
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