Original ChopShop CEO
The 16-unit brand, which serves protein bowls, salads, sandwiches and breakfast items from 16 locations in
"For the past 15 plus years, I've constantly heard people describe up-and-coming fast casual brands as being the next
Other highlights for Q4 ending
- 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%.
- 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
- 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.
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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.
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All 16 Shops generated record annual sales in 2021 with an average unit volume of
$2.4 million .
"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 said. "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
Although the technology allows Original ChopShop to operate efficiently and profitably, Morgan said it wasn't a technology company.
"We are a restaurant brand, and restaurants are a people-centric business," he said. "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.
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Five company-owned shop openings including a second Shop in
Houston and a first Shop inAtlanta , bringing total Shops to 21 by year-end.
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