Business
First Watch Restaurant Group, Inc. Reports Preliminary Operational Metrics for the Fourth Quarter and Fiscal Year 2025
BRADENTON, Fla., Jan. 13, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"BRADENTON, Fla., Jan. 13, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported certain preliminary operational metrics for the thirteen weeks ended December 29, 2024 (“fourth quarter”) and fiscal year ended December 29, 2024 (“2024”). “We delivered on our fourth quarter target of 25 new restaurant openings, including 23 Company-owned sites. Furthermore, fourth quarter same restaurant sales and traffic growth were at the upper end of our expected range,” said Chris Tomasso, First Watch CEO and President. “In 2025, we plan to build on our leading position in the Daytime Dining category through a robust real estate pipeline and with our talented team committed to driving our long-term growth strategy.” Sales and Traffic Highlights Fourth Quarter 2024 Same-Restaurant Sales Growth(*)-0.3% -0.5%Same-Restaurant Traffic Growth(*)-3.0% -4.0% *Comparing the thirteen-week periods ended December 29, 2024 and December 31, 2023, and 52 weeks ended December 29, 2024 and December 31, 2023 in order to compare like-for-like periods. Restaurant Development During the fourth quarter 2024, there were 25 new system-wide restaurant openings consisting of 23 company-owned restaurants and 2 franchise-owned restaurants. Select new restaurant openings experienced minor delays, which resulted in fewer fourth quarter operating weeks than previously planned. During 2024, there were 50 system-wide new restaurant openings (43 company-owned and 7 franchise-owned), and two closures. At December 29, 2024, First Watch had 572 system-wide restaurants, consisting of 489 company-owned restaurants and 83 franchise-owned restaurants across 29 states. Upcoming Conference Participation Chris Tomasso, Chief Executive Officer and President, and Mel Hope, Chief Financial Officer, will host a fireside chat on Tuesday, January 14, 2025 at the 27th Annual ICR Conference at the Grande Lakes Orlando. The fireside chat webcast will begin at 10:00 a.m. Eastern Time and will be available at https://investors.firstwatch.com/news-and-events/events. It will also be archived on the site shortly after it has concluded. The leadership team will also host meetings with institutional investors at the Jefferies Restaurants, Foodservice, Gaming, Lodgi...