Original ChopShop – an emerging brand featuring protein bowls, salads (“chops”), sandwiches, breakfast items, fresh-squeezed juice and more – today reported financial results for its fourth quarter, which ended on Dec. 26.
Fourth quarter results for the 12 weeks ending Dec. 26, 2021, include:
- Total revenue increased 42% compared to 2020 and 71% compared to 2019;
- Same-store sales increased 39% compared to 2020 and 41% compared to 2019;
- Shop-level EBITDA margin was 15.8%; and,
- At the end of the quarter, 37% of total checks had a loyalty account attached and 71% of direct digital orders originated in the Chops loyalty app.
Year-to-date results for the 52 weeks that ended Dec. 26, 2021, are:
- Total revenue increased 47% compared to 2020 and 77% compared to 2019;
- Same-store sales increased 43% compared to 2020 and 35% compared to 2019;
- Average weekly sales were $46,000 per Shop;
- Shop-level EBITDA margin was 18.3%;
- EBITDA is positive after corporate expenses;
- Digital sales accounted for 46% of total revenue compared to 37% in 2020 and 15% in 2019; and,
- All 16 Shops generated record annual sales in 2021 with an average unit volume of $2.4 million.
“For the past 15 plus years, I’ve constantly heard people describe up-and-coming fast casual brands as being the next Chipotle,’” says Original ChopShop CEO Jason Morgan. “Chipotle is a great brand to emulate, but at Original ChopShop, we strive to be this generation’s Panera. Like Panera, our business is supported by a highly frequent guest that uses the brand for a variety of occasions all day, every day. We have an expansive menu, giving guests multiple better-for-you options that are prepped and made in-Shop daily with whole fruits and vegetables. Our 2021 sales results reflect our success in meeting our guests’ needs to ‘Just Feel Good’ about what they are eating.
“Because we have generated positive EBITDA every year, we have not required major cash infusions to fuel our historical growth and do not anticipate requiring future capital raises to fund future expansion,” Morgan continues. “Over the past five years, we have built Original ChopShop into a scalable brand by implementing a strong technology platform with industry-leading partners like Olo and Paytronix. Our technology enables us to operate efficiently and profitably. But, we are not a technology company. We are a restaurant brand, and restaurants are a people-centric business. The majority of our 2022 initiatives focus on how we can continue to invest in our team members, because our future success is heavily reliant on their personal growth and success.”
Future year 2022 outlook:
- Total revenue growth of 20% to 25%;
- Total EBITDA growth of 35% to 40%;
- Same-store sales are projected to be between 8% and 10% positive compared to 2021; and,
- Five company-owned Shop openings including a second Shop in Houston and a first Shop in Atlanta, bringing total Shops to 21 by year-end.
Original ChopShop provides a warm, welcoming place where guests “Fuel Their Well-Being” with flavorful food that’s “Chopped-in-Shop” daily with real, quality ingredients. The menu includes delicious protein bowls, salads (“chops”), sandwiches, fresh juice, protein shakes, acai bowls, breakfast items and parfaits. The team at Original ChopShop is proud to offer customizable food for “Every/Body,” providing a variety of dietary-friendly items for adults and children, including food free of gluten, dairy, lactose and soy, along with vegetarian and vegan options.