Business
First Watch Restaurant Group, Inc. Reports Strong Q3 2022 Financial Results and Raises Certain of Its Full Year Guidance
Total revenues of $186.9 million, up 18.7% compared to prior yearSame-restaurant sales growth of 12.0% driven by same-restaurant traffic growth of 3.7%Income
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues of $186.9 million, up 18.7% compared to prior yearSame-restaurant sales growth of 12.0% driven by same-restaurant traffic growth of 3.7%Income from operations margin of 1.4% and restaurant level operating profit margin of 17.3%11 system-wide restaurants opened across 9 states BRADENTON, Fla., Nov. 07, 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 September 25, 2022 (“Q3 2022”) and raised certain elements of its fiscal year 2022 guidance. “We are very pleased with our third quarter results, which demonstrate our broad consumer appeal and the consistency and strength of our business model even in this uncertain economic environment,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “We believe our performance is among the best in our industry with the year-over-year increase in system-wide sales of 19.2%, same-restaurant sales growth of 12.0% and same-restaurant traffic growth of 3.7%. Our customers clearly recognize and appreciate the elevated dining experiences, differentiated offering and value proposition First Watch provides. Looking ahead, we continue to see a long runway for profitable growth as we invest in our people and accelerate our restaurant development.” Highlights for Q3 2022 compared to Q3 2021*: System-wide sales increased 19.2% to $235.2 million in Q3 2022 from $197.4 million in Q3 2021Total revenues increased 18.7% to $186.9 million in Q3 2022 from $157.4 million in Q3 2021Same-restaurant sales growth of 12.0% (32.7% relative to Q3 2019**)Same-restaurant traffic growth of 3.7% (7.0% relative to Q3 2019**)Income from operations margin of 1.4% in Q3 2022 compared to 4.6% in Q3 2021Restaurant level operating profit margin*** of 17.3% in Q3 2022 compared to 19.5% in Q3 2021Net income of $46.0 thousand in Q3 2022 compared to $0.8 million in Q3 2021Adjusted EBITDA*** of $17.0 million in Q3 2022 was flat compared to Q3 2021Opened 11 system-wide restaurants (7 company-owned and 4 franchise-owned) across 9 states, resulting in a total of 459 system-wide restaurants (356 company-owned and 103 franchise-owned) across 29 states ___________________* Thirteen weeks ended September 26, 2021 (“...