Business
First Watch Restaurant Group, Inc. Reports Strong 2021 Financial Results and Provides 2022 Outlook
Total revenues of $601.2 million and system-wide sales of $750.7 million31 system-wide restaurants opened in 12 statesQ4 2021 same-restaurant sales growth of
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues of $601.2 million and system-wide sales of $750.7 million31 system-wide restaurants opened in 12 statesQ4 2021 same-restaurant sales growth of 36.7% vs. Q4 2020 and 20.6% vs. Q4 2019Q4 2021 same-restaurant traffic growth of 31.9% vs. Q4 2020 and 6.1% vs. Q4 2019 BRADENTON, Fla., March 23, 2022 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG), (“First Watch” or the “Company”) the Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended December 26, 2021 (“Q4 2021”) and fiscal year ended December 26, 2021 (“2021”) compared to thirteen weeks ended December 27, 2020 (“Q4 2020”) and fiscal year ended December 27, 2020 (“2020”) and provided an outlook for the fiscal year ending December 25, 2022 (“2022”). “I am proud to share our results for 2021. This was a momentous year for First Watch as we built upon our long-standing track record of delivering positive results and ended the year with continued momentum. We successfully completed our initial public offering in October, and we also reached a significant milestone in surpassing three-quarters of a billion dollars in system-wide sales,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “We continued our strong unit growth, opening 31 system-wide restaurants across 12 states – with our new restaurants opening at higher annualized average unit volumes than our existing company-owned restaurant average unit volumes. Q4 2021 represented one of our strongest quarters of same-restaurant traffic growth yet, increasing 31.9% versus Q4 2020 and 6.1% versus Q4 2019. I am humbled by what our teams throughout this organization have accomplished together – a true testament to the one-of-a-kind culture we’ve created through decades of shared passion and partnership. As I have said before, we are just getting started.” Highlights for Q4 2021 compared to Q4 2020: Total revenues grew to $162.6 million in Q4 2021 from $109.4 million in Q4 2020 ($114.2 million in Q4 2019*)System-wide sales increased 49.8% to $202.7 million in Q4 2021 from $135.3 million in Q4 2020 ($141.0 million in Q4 2019*)Same-restaurant sales growth of 36.7% relative to Q4 2020 (20.6% relative to Q4 2019*)Same-restaurant traffic growth of 31.9% relative to Q4 2020 (6.1% relative to Q4 2019*)Loss from operati...