Business
First Watch Restaurant Group, Inc. Reports Q2 2024 Financial Results
Total revenues increased 19.5% Income from operations margin improved 110 basis points and Restaurant level operating profit margin improved 100 basis points
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues increased 19.5% Income from operations margin improved 110 basis points and Restaurant level operating profit margin improved 100 basis points Net income increased 12% to $8.9 million and Adjusted EBITDA increased 37% to $35.3 million 7 new system-wide restaurants opened across 6 states BRADENTON, Fla., Aug. 06, 2024 (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 financial results for the thirteen weeks ended June 30, 2024 (“Q2 2024”). “We are pleased with our second quarter results and proud of our teams for delivering exceptional experiences for our customers and employees. Amidst a challenging backdrop, which we view as transitory, we are operating our restaurants at a very high level and with tremendous efficiency, as exemplified by our adjusted EBITDA growth, high customer satisfaction scores, improved employee turnover and accelerated ticket times,” said Chris Tomasso, First Watch CEO and President. “Our future growth plans remain as strong as ever, with new restaurants overall and by vintage meeting or exceeding our AUV and capital return targets, and we have more than 130 new sites in the pipeline.” Highlights for Q2 2024 compared to Q2 2023*: Total revenues increased 19.5% to $258.6 million in Q2 2024 from $216.3 million in Q2 2023System-wide sales increased 10.1% to $299.0 million in Q2 2024 from $271.5 million in Q2 2023Same-restaurant sales growth of negative 0.3% and same-restaurant traffic growth of negative 4.0%*Income from operations margin increased to 6.4% in Q2 2024 from 5.3% in Q2 2023Restaurant level operating profit margin** increased to 21.9% in Q2 2024 from 20.9% in Q2 2023Net income increased to $8.9 million, or $0.14 per diluted share, in Q2 2024 from $8.0 million, or $0.13 per diluted share, in Q2 2023Adjusted EBITDA** increased to $35.3 million in Q2 2024 from $25.8 million in Q2 2023Opened 7 system-wide restaurants in 6 states, resulting in a total of 538 system-wide restaurants (459 company-owned and 79 franchise-owned) across 29 statesAcquired 21 operating franchise restaurants ___________________* Comparing the thirteen-week periods ended June 30, 2024 and July 2, 2023 in order to compare like-for-like periods. See “Key Performance Indicator...