Business
First Watch Restaurant Group, Inc. Reports Strong 2022 Financial Results and Provides 2023 Outlook
Total revenues of $730.2 million, up 21.5% and System-wide sales of $914.8 million, up 21.9%Same-restaurant sales growth of 14.5% and Same-restaurant traffic
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues of $730.2 million, up 21.5% and System-wide sales of $914.8 million, up 21.9%Same-restaurant sales growth of 14.5% and Same-restaurant traffic growth of 7.7%Income from operations margin of 2.4% and Restaurant level operating profit margin of 17.9%43 system-wide restaurants opened across 16 states BRADENTON, Fla., March 07, 2023 (GLOBE NEWSWIRE) -- 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 December 25, 2022 (“Q4 2022”) and fiscal year ended December 25, 2022 (“2022”) compared to the thirteen weeks ended December 26, 2021 (“Q4 2021”) and fiscal year ended December 26, 2021 (“2021”) and provided an outlook for the fiscal year ending December 31, 2023 (“2023”). “First Watch delivered another impressive year in 2022, achieving a 21.5% increase in total revenues and same-restaurant sales and traffic growth of 14.5% and 7.7%, respectively, when compared to a strong 2021,” said Chris Tomasso, First Watch CEO and President. “We’re off to an encouraging start to 2023, with same-restaurant sales and traffic growth of 15.7% and 8.5%, respectively through the first two periods of the quarter. 2023 also marks our 40th operating year and I’m not only proud of all First Watch has accomplished since we opened our doors in 1983, but optimistic about what we are poised to achieve.” Highlights for Q4 2022 compared to Q4 2021: Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021System-wide sales increased 15.6% to $234.2 million in Q4 2022 from $202.7 million in Q4 2021Same-restaurant sales growth of 7.7% (up 29.3% relative to Q4 2019*)Same-restaurant traffic growth of (0.6)% (up 5.2% relative to Q4 2019*)Income from operations of $1.5 million and Income from operations margin of 0.8% in Q4 2022 compared to Loss from operations of $(1.1) million and Loss from operations margin of (0.7)% in Q4 2021, respectivelyRestaurant level operating profit** and Restaurant level operating profit margin** of $30.5 million and 16.7% in Q4 2022 compared to $29.2 million and 18.2% in Q4 2021, respectivelyNet loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021Adjusted EBITDA** increased to $15.1 million in Q4 2022 from...