<SEC-DOCUMENT>0000950123-21-012329.txt : 20211216
<SEC-HEADER>0000950123-21-012329.hdr.sgml : 20211216
<ACCEPTANCE-DATETIME>20210914171530
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-012329
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sweetgreen, Inc.
		CENTRAL INDEX KEY:			0001477815
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				271159215
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		3101 W. EXPOSITION BOULEVARD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90018
		BUSINESS PHONE:		(323) 990-7040

	MAIL ADDRESS:	
		STREET 1:		3101 W. EXPOSITION BOULEVARD
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90018
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Siana Lowrey</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">+1 415 693 2150</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">slowrey@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="right">By EDGAR</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 14, 2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Katherine Bagley </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lilyanna Peyser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Patrick Kuhn
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Lyn Shenk </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Sweetgreen, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Submitted August&nbsp;23, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0001477815 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Sweetgreen, Inc. (&#147;<B><I>Sweetgreen</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;) we submit this letter in response
to comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the&nbsp;&#147;<B><I>Commission</I></B>&#148;) by letter dated September&nbsp;3, 2021 (the &#147;<B><I>Comment Letter</I></B>&#148;)
with respect to the Company&#146;s Confidential Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> submitted to the Commission on August&nbsp;23, 2021 (&#147;<B><I>DRS Amendment
No.</I></B><B><I></I></B><B><I>&nbsp;2</I></B>&#148;). Concurrently with the submission of this response letter, the Company is submitting Amendment No.&nbsp;3 to the Company&#146;s Confidential Draft Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (&#147;<B><I>DRS Amendment No.</I></B><B><I></I></B><B><I>&nbsp;3</I></B>&#148;). In addition to addressing the comments raised by the Staff in its Comment Letter, the Company has included other revisions and
updates to its disclosure in DRS Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, the numbering of the paragraphs below corresponds to the
numbering of the comment in the Comment Letter, the text of which we have incorporated into this response letter for convenience in italicized type and which is followed by the Company&#146;s response. In the responses below, page number references
are to DRS Amendment No.&nbsp;3. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Key Metrics and <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page iv </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your amended definition of Same-Store Sales Change, including that &#147;[f]or fiscal years 2020 and
2021 and the interim periods presented, we adjusted this calculation due to the temporary closures of 56 restaurants, which represented a significant portion of our restaurant fleet, due to political and civil disturbances that occurred during one
week in the second quarter of fiscal year 2020. Because excluding an entire fiscal month for these restaurants would result in a Same-Store Sales figure that is not representative of our business as a whole, we excluded only one week from the
calculation of Same-Store Sales Change for such restaurants.&#148; Here and elsewhere as appropriate, including page 83, page 88 and throughout the Management&#146;s Discussion and Analysis, please amend your disclosure to state that, because of the
difference in how you calculated Same-Store Sales Change for fiscal years 2020 and 2021 and the interim periods presented, this metric for fiscal years 2020 and 2021 and the interim periods presented is not comparable to prior financial periods.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the Company has revised the disclosure on pages iv, 89, 96,
and 97 of DRS Amendment No.&nbsp;3. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 3 Embarcadero
Center 20th Floor San Francisco, CA 94111-4004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) 693-2000 f: (415) 693-2222 cooley.com </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 14, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two
</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Our Growth Strategies </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Grow Our Restaurant Footprint, page 9 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your amended disclosure that &#147;We believe these benefits of densification are reflected in our
AUVs: in the markets in which we operated at the beginning of fiscal year 2014, from 2014 to 2019, we more than tripled our restaurant count, and in parallel our AUVs grew in those markets by approximately 85% over the same period.&#148; To provide
investors with the most current information about the &#147;benefits of densification&#148; to your business, please amend your disclosure to provide similar data for your fiscal year ended 2020.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully submits that as disclosed on page 90 and elsewhere in DRS Amendment No.&nbsp;3, AUVs fell in fiscal
year 2020 as a result of the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 10, 93, 130, and 145 of DRS Amendment No.&nbsp;3 to
clarify that this language describes the trend prior to the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. The company expects that this trend will resume when operations normalize after the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic has abated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Management&#146;s Discussion and Analysis of Financial Condition and Results
of Operations </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Overview, page 83 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure that &#147;Additionally, we had average year two <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns for our restaurants opened from 2014 through 2017 of 40%.&#148; To provide additional context for investors regarding this metric, please amend your disclosure to provide the year one <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns for your restaurants. Please also update your disclosure about year two
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns to include the most recent data for this metric, specifically the year two returns for restaurants opened in 2018.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>With regard to the Staff&#146;s comment about year one
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns, the Company respectfully submits that it believes that year one
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns would not be meaningful to investors, as the first year of an individual restaurant&#146;s operations is not representative of such
restaurant&#146;s ongoing operations as the Restaurant-Level Profit is typically lower as a restaurant ramps up operations. Therefore, the Company believes that year two
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> returns, which time period gives operations a chance to normalize for a given restaurant, is a more informative measure for investors. Further, the Company
believes that year two <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> returns is a typical measurement point for this metric in the restaurant industry. The Company has revised the definition of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns on page iii to reflect its belief regarding year two being a typical measurement point for this metric in the restaurant industry. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment regarding disclosing year two
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> Returns for restaurants opened in 2018, the Company respectfully submits that the year two results for restaurants opened during that period were
significantly impacted by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and therefore not representative of its historical or targeted future performance. The Company has revised the disclosure on pages 8, 91, 128, and 144 of DRS
Amendment No.&nbsp;3 to include a statement to this effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 3 Embarcadero
Center 20th Floor San Francisco, CA 94111-4004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) 693-2000 f: (415) 693-2222 cooley.com </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September 14, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
Three </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (415) <FONT STYLE="white-space:nowrap">693-2150,</FONT> David Peinsipp at (415) <FONT STYLE="white-space:nowrap">693-2177</FONT> or
Charlie Kim at (858) <FONT STYLE="white-space:nowrap">550-6049</FONT> with any questions or further comments regarding our response to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Siana Lowrey </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jonathan Neman, Chief Executive Officer, Sweetgreen, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Mitch Reback, Chief Financial Officer, Sweetgreen, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Andrew Glickman, VP, Legal&nbsp;&amp; Business Development, Sweetgreen, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Nick Hobson, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">David
Peinsipp, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Charlie Kim, Cooley LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Michael Benjamin, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Richard A. Kline, Latham&nbsp;&amp; Watkins LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 3 Embarcadero
Center 20th Floor San Francisco, CA 94111-4004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) 693-2000 f: (415) 693-2222 cooley.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
