Business
First Watch Restaurant Group, Inc. Reports Strong 2023 Financial Results and Provides 2024 Outlook
Total revenues of $891.6 million, up 22.1% and System-wide sales of $1.1 billion, up 20.6%Same-restaurant sales growth of 7.6%* with positive same-restaurant
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues of $891.6 million, up 22.1% and System-wide sales of $1.1 billion, up 20.6%Same-restaurant sales growth of 7.6%* with positive same-restaurant traffic growthIncome from operations margin of 4.7% and Restaurant level operating profit margin of 20.0%Net income of $25.4 million and Adjusted EBITDA of $99.5 million51 system-wide restaurants opened across 19 states BRADENTON, Fla., March 05, 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 fourteen weeks ended December 31, 2023 (“Q4 2023”) and the 53-week fiscal year ended December 31, 2023 (“2023”) compared to the thirteen weeks ended December 25, 2022 (“Q4 2022”) and the 52-week fiscal year ended December 25, 2022 (“2022”) and provided an outlook for the 52-week fiscal year ending December 29, 2024 (“2024”). “First Watch achieved a number of significant milestones in 2023 including essentially doubling system-wide sales to more than $1 billion since 2019 and posting nearly $100 million in Adjusted EBITDA. We also eclipsed the meaningful milestone of opening our 500th restaurant, all while delivering high single digit same-restaurant sales growth and positive same-restaurant traffic growth,” said Chris Tomasso, First Watch CEO and President. “Given the untapped market potential in the Daytime Dining segment, combined with our operational focus and proven portability, we are optimistic about the growth ahead.” Highlights for Q4 2023 (14-week quarter) compared to Q4 2022 (13-week quarter) Total revenues increased 31.7% to $244.6 million in Q4 2023 from $185.7 million in Q4 2022System-wide sales increased 26.6% to $296.5 million in Q4 2023 from $234.2 million in Q4 2022Same-restaurant sales growth of 5.0%* (up 35.2% relative to Q4 2019**)Same-restaurant traffic growth of (1.3)%* (up 6.2% relative to Q4 2019**)Income from operations increased to $6.9 million in Q4 2023 from $1.5 million in Q4 2022Income from operations margin increased to 2.8% in Q4 2023 from 0.8% in Q4 2022Restaurant level operating profit*** increased to $46.8 million in Q4 2023 from $30.5 million in Q4 2022Restaurant level operating profit margin*** increased to 19.4% in Q4 2023 from 16.7% in Q4 2022Net income of $2.6 million in Q4 ...