Business
First Watch Restaurant Group, Inc. Reports Strong Q2 2023 Financial Results
Same-restaurant sales growth of 7.8%Income from operations margin of 5.3% and Restaurant level operating profit margin of 20.9%Net income of $8.0 million and
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Same-restaurant sales growth of 7.8%Income from operations margin of 5.3% and Restaurant level operating profit margin of 20.9%Net income of $8.0 million and Adjusted EBITDA of $25.8 million9 system-wide restaurants opened across 6 statesRaising 2023 Adjusted EBITDA guidance BRADENTON, Fla., Aug. 01, 2023 (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 25, 2023 (“Q2 2023”) and raises certain elements of its fiscal year 2023 guidance. “Our teams across the system once again delivered strong results with same-restaurant sales growth of 7.8% driven by positive same-restaurant traffic growth in our dining rooms,” said Chris Tomasso, First Watch CEO and President. “This continued topline growth also translated to strong bottom-line performance. As we progress toward our potential of 2,200 domestic units, I am proud of our teams – both in the restaurants and at our home office -- for their continued focus on superior execution. We remain confident in our unique opportunity and the growth algorithm that underpins our long-term targets.” Highlights for Q2 2023 compared to Q2 2022*: Total revenues increased 17.3% to $216.3 million in Q2 2023 from $184.5 million in Q2 2022System-wide sales increased 17.4% to $271.5 million in Q2 2023 from $231.2 million in Q2 2022Same-restaurant sales growth of 7.8% (39.6% relative to Q2 2019**)Same-restaurant traffic decline of (1.2)% (7.4% same-restaurant traffic growth relative to Q2 2019**)Income from operations margin increased to 5.3% during Q2 2023 from 2.8% in Q2 2022Restaurant level operating profit margin*** increased to 20.9% in Q2 2023 from 18.2% in Q2 2022Net income increased to $8.0 million, or $0.13 per diluted share, in Q2 2023 from $2.7 million, or $0.05 per diluted share, in Q2 2022Adjusted EBITDA*** increased to $25.8 million in Q2 2023 from $17.8 million in Q2 2022Opened 9 system-wide restaurants (6 company-owned and 3 franchise-owned) across 6 states, acquired 6 franchise-owned restaurants and closed one company-owned restaurant resulting in a total of 492 system-wide restaurants (381 company-owned and 111 franchise-owned) across 29 states ___________________* Thirteen weeks ended June 26, 202...