<SEC-DOCUMENT>0000950123-21-012958.txt : 20211216
<SEC-HEADER>0000950123-21-012958.hdr.sgml : 20211216
<ACCEPTANCE-DATETIME>20211007172421
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-21-012958
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211007

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="bottom"> <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></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">By EDGAR</TD></TR>
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<TD VALIGN="bottom"> <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="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 7, 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> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;Katherine
Bagley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Lilyanna Peyser </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Patrick Kuhn </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;Lyn Shenk </P> <P STYLE="font-size:12pt;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;3 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 September&nbsp;14, 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:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Sweetgreen, Inc. (&#147;<B><I>Sweetgreen&#148; or the &#147;Company&#148;) we submit this letter in response to comments received
from the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the&nbsp;&#147;Commission&#148;) by letter dated October&nbsp;1, 2021 (the &#147;Comment Letter&#148;) with respect to the Company&#146;s Confidential Amendment
No.&nbsp;3 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> submitted to the Commission on September&nbsp;14, 2021 (&#147;DRS Amendment No.&nbsp;3&#148;). Concurrently with the submission of this response letter,
the Company is submitting Amendment No.&nbsp;4 to the Company&#146;s Confidential Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (&#147;DRS Amendment No.&nbsp;4&#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;4. </I></B></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;4. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Cover Page </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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 graphic prominently showing your number of restaurants, average unit volume, revenue CAGR,
restaurant-level profit margin, total digital revenue, net promoter score, and active customers. We also note that in the footnotes to this graphic, you indicate that some of this information is from fiscal 2019. Please update this graphic to
reflect more current metrics, for fiscal 2020 or the most recent interim period presented in your filing, or remove the graphic from your filing. </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 this graphic to reflect the most recent interim period
presented in its filing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th
Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT>
f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>
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 </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 7, 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>Prospectus Summary </U></I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>What Sets Sweetgreen Apart </U></I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Digitally-Driven
Restaurants, page 4 </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 in footnote 1 to the graphic at the bottom of page five that the data
presented &#147;Excludes customers who were not existing sweetgreen customers prior to the relevant quarter of measurement, as well as certain groups that we do not believe reflect the average sweetgreen digital customer, such as sweetgreen
employees and aggregate ordering platform accounts, which constitute an immaterial portion of our digital orders.&#148; Please amend your disclosure to clarify how you determine groups that &#147;reflect the average sweetgreen digital
customer,&#148; and to identify all groups that have been excluded from the data presented in your graphic. Please also tell us whether all groups that are excluded from this metric represent &#147;an immaterial portion&#148; of your digital orders.
</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 6 and 127
of DRS Amendment No.&nbsp;4. The Company supplementally advises the Staff that the excluded groups represent approximately 0.2% of total existing customers in the <FONT STYLE="white-space:nowrap">twenty-six</FONT> weeks ended June&nbsp;27, 2021,
which the Company has determined is an immaterial portion of its digital orders. </P> <P STYLE="margin-top:18pt; 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 10 </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%">
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<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 response to comment 2, and your amended disclosure clarifying that this trend occurred prior to
the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. However, given that the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic affected your 2020 operating results, and your disclosure elsewhere that &#147;changes in
economic conditions and the customer behavior trends they drive, including long-term customer behavior trends following the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic . . . are uncertain,&#148; please amend your disclosure to provide
similar data for your fiscal year ended 2020, to provide investors with the most current information related to trends affecting your operations. </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 11, 95, 132 and 147 of DRS Amendment
No.&nbsp;4 to include data for fiscal year 2020. </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 89 </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%">
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>4.</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 response to comment 3, and your amended disclosure that &#147;[y]ear two Cash-on-Cash Returns
for restaurants opened since 2018 were significantly impacted by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and therefore we believe not representative of our historical or targeted future performance.&#148; However, we are not
persuaded by your response. The <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and related impact are part of your historical performance, and the future effects of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic are
uncertain. Therefore, to provide investors with the most current and accurate data about your historical Cash-on-Cash returns, please update your disclosure to include year two
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Cash-on-Cash</FONT></FONT> returns for restaurants opened since 2018. As a related matter, please amend your disclosure to explain, as you do in your response, why you do not include
year one Cash-on-Cash returns in your filing. </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 iii, 9, 93, 130 and 146 of DRS Amendment No.&nbsp;4. </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&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT> f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>

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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">October 7, 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Underwriting, page 206 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>5.</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;We currently anticipate that up to % of the shares of Class&nbsp;A common
stock offered hereby will, at our request, be offered to retail investors through Robinhood Financial, LLC, as a selling group member, via its online brokerage platform. Robinhood Financial is not acting as an underwriter in this offering and is not
affiliated with the company.&#148; Please remove the language indicating that Robinhood Financial is not acting as an underwriter in this offering. In addition, please tell us whether the &#147;Robin Hood,&#148; of whose leadership council
Mr.&nbsp;Blumenthal is a member, is related to or is the same entity as Robinhood Financial, LLC. If so, tell us how you determined that you are not affiliated with Robinhood Financial, LLC. </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 page 213 of DRS Amendment No.&nbsp;4. The
Company supplementally advises the Staff that Robin Hood Foundation, a nonprofit organization of whose leadership counsel Mr.&nbsp;Blumenthal is a member, is not related to or the same entity as Robinhood Financial, LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&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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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" 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:4%; 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:4%; 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:4%; font-size:10pt; font-family:Times New Roman">Nick Hobson, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">David
Peinsipp, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Charlie Kim, Cooley LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; 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:4%; font-size:10pt; font-family:Times New Roman">Richard A. Kline, Latham&nbsp;&amp; Watkins LLP </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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&nbsp;&nbsp;&nbsp;&nbsp;3 Embarcadero Center&nbsp;&nbsp;&nbsp;&nbsp;20th Floor&nbsp;&nbsp;&nbsp;&nbsp;San Francisco, CA&nbsp;&nbsp;&nbsp;&nbsp;94111-4004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: (415) <FONT STYLE="white-space:nowrap">693-2000</FONT> f: (415) <FONT STYLE="white-space:nowrap">693-2222</FONT> cooley.com </P>

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