<SEC-DOCUMENT>0001193125-21-331595.txt : 20211216
<SEC-HEADER>0001193125-21-331595.hdr.sgml : 20211216
<ACCEPTANCE-DATETIME>20211116211901
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-331595
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20211116

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g254504dsp0004.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="right">By EDGAR</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<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">+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="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:10pt; font-family:Times New Roman"><B>CERTAIN PORTIONS OF THIS LETTER HAVE BEEN OMITTED FROM THE VERSION FILED VIA EDGAR. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT
TO THE OMITTED PORTIONS. INFORMATION THAT WAS OMITTED IN THE EDGAR VERSION HAS BEEN NOTED IN THIS LETTER WITH A PLACEHOLDER IDENTIFIED BY THE MARK &#147;[***]&#148;. </B></P></div>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;16, 2021 </P> <P STYLE="margin-top:6pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katherine Bagley </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Lilyanna Peyser </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Patrick Kuhn
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Lyn Shenk </P> <P STYLE="font-size:18pt;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%" 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;1 to 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>Filed November&nbsp;9, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-260472</FONT> </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</I></B>&#148; or the &#147;<B><I>Company</I></B>&#148;) we submit this letter in response to verbal 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;) on November&nbsp;16, 2021 (the &#147;<B><I>Comments</I></B>&#148;) with respect to the Company&#146;s Amendment No.&nbsp;1 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
filed with the Commission on November&nbsp;9, 2021 (the&nbsp;&#147;<B><I>Amended Registration Statement</I></B>&#148;). Concurrently with the submission of this response letter, the Company is filing Amendment No.&nbsp;2 to its Registration
Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;2</I></B>&#148;). In addition to addressing the comments raised by the Staff in its Comments, the Company has included other
updates to its disclosure in the <FONT STYLE="white-space:nowrap">S-1.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Verbal comment relating to certain media reports referencing the
Company&#146;s profitability and revenues </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Staff has inquired about an article published by [***] on [***], 2021 titled &#147;[***]&#148; (the
&#147;<B><I>Article</I></B>&#148;). The Company respectfully advises the Staff that, as disclosed in the Amended Registration Statement, the Company has incurred significant losses since inception, including in each of the periods presented in the
Amended Registration Statement. The Article suggests that the Company lied by &#147;repeatedly&#148; telling reporters it was profitable based on a statement made in 2018. The Company supplementally advises the Staff that the Company, in the quoted
statement, and the references to profitability in the other publications cited by the Article, was meant to refer to certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial metrics commonly used in the industry and used by management in
evaluating its performance at the time, in particular <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating profit for the third quarter of fiscal 2018, a period for which results are not included in the Amended Registration </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; 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:8pt; 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> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Sweetgreen, Inc. requests that the information contained in this letter, marked by brackets,
be treated as confidential information pursuant to 17 C.F.R. &#167;200.83. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g254504dsp0002.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November 16, 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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statement. The purpose of this statement was to respond to a question that the Company believed was focused on operating profitability and not GAAP net
income. Similarly, the Article noted that, in January of 2020, the Company was quoted in an article by the New York Times that revenue for fiscal year 2019 &#147;topped $300&nbsp;million.&#148; As disclosed in the Amended Registration Statement, for
the fiscal year ended December&nbsp;29, 2019, the Company had revenue of $274.2&nbsp;million. Accordingly, this statement did not precisely reflect the Company&#146;s revenues for fiscal year 2019, but was meant to be a rough estimation prior to the
completion of the review of fiscal 2019 financial statements. Most importantly, the Company had no intention of misleading anyone with these statements and was not making an offer to investors with either statement. In addition, all investors in the
Company&#146;s subsequent private preferred stock financings had full and complete information regarding the Company&#146;s financial results at the time, and the Company does not believe any such investor relied on these statements in making an
investment decision. Nevertheless, in light of the Staff&#146;s comment and to avoid any potential confusion with respect to these statements, the Company has revised the disclosure on page 33 of Amendment No.&nbsp;2 to include risk factor
disclosure related to the statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Verbal comment relating to disclosure of potential director participation in the Company&#146;s directed share
program </U></I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In response to a comment from the Staff regarding potential director participation in the Company&#146;s directed share program, the
Company has revised the disclosure on page 220 of Amendment No.&nbsp;2. </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;*&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: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%" 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; text-indent: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; text-indent: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 Charlie Kim, Cooley LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent: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:12pt; margin-bottom:0pt; font-size:8pt; 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:8pt; 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> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Sweetgreen, Inc. requests that the information contained in this letter, marked by brackets,
be treated as confidential information pursuant to 17 C.F.R. &#167;200.83. </B></P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g254504dsp0002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g254504dsp0002.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M"NBE#DC8^>S/%?6L3*:V6B]#H*T/."@ H * "@ H * "@ H * "@ H * "@
MH * &331V\$DTK!(XU+,QZ  9)H;L5&+E)1CNSQ_P_%)XV^(<NI7"DVL#^=@
M] JG"+_+\C7##]Y4NS[3&266Y>J,?B>GW[O^O(]CKN/B0H * "@ H * "@ H
M * "@ H * "@ H * "@ H KWME!J-E+9W2%X)5VNH8KD>F00:32:LS2E5E1F
MIPW15T?0-+T&.5-,M! LI!?YF8G'3DDU,81AL;8G&5\4TZTKV]/T-*K.4* /
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g254504dsp0004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g254504dsp0004.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MO2V/SIMMW8Z@04 % #1%&&W!%!]<4#YGM<=0(* &F-"VXHI/J10.[6@Z@04
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!V0$!

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