Business
First Watch Restaurant Group, Inc. Reports Strong Q1 2022 Financial Results
Same-restaurant sales growth of 27.2% driven by same-restaurant traffic growth of 21.9%Income from operations margin of 4.5% and restaurant level operating
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Same-restaurant sales growth of 27.2% driven by same-restaurant traffic growth of 21.9%Income from operations margin of 4.5% and restaurant level operating profit margin of 19.6%7 system-wide restaurants opened across 5 states BRADENTON, Fla., May 10, 2022 (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 March 27, 2022 (“Q1 2022”) and reiterated its fiscal year 2022 guidance. “I’m pleased that First Watch’s track record of exceptional operating performance has continued into 2022. We increased total revenues by 36.1% over the first quarter of the prior year, driven by same-restaurant sales growth of 27.2% and same-restaurant traffic growth of 21.9%. Moreover, same restaurant sales and traffic growth on a three-year stack basis was 30.6% and 9.9%, respectively, which puts us in rare air,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “I’m especially proud that we delivered a strong restaurant level operating profit margin that exceeded our expectations despite the challenging operating environment. Thank you to all the dedicated individuals throughout our organization who continue to adapt to every challenge while raising the bar as leaders in the Daytime Dining segment and the industry as a whole.” Highlights for Q1 2022 compared to Q1 2021*: Total revenues increased 36.1% to $173.1 million in Q1 2022 from $127.2 million in Q1 2021System-wide sales increased 35.6% to $214.1 million in Q1 2022 from $158.0 million in Q1 2021Same-restaurant sales growth of 27.2% (26.1% relative to Q1 2019**)Same-restaurant traffic growth of 21.9% (3.4% relative to Q1 2019**)Income from operations margin of 4.5% in Q1 2022 compared to 3.1% in Q1 2021Restaurant level operating profit margin*** increased to 19.6% in Q1 2022 from 17.5% in Q1 2021Net income of $4.6 million, or $0.08 per diluted share, in Q1 2022 compared to Net loss of $(2.0) million, or $(0.05) per diluted share in Q1 2021Adjusted EBITDA*** increased to $19.4 million in Q1 2022 from $13.0 million in Q1 2021Opened 7 system-wide restaurants (6 company-owned and 1 franchise-owned) resulting in a total of 441 system-wide restaurants (346 company-owned and 95 franchise-owned) a...