Business
First Watch Restaurant Group, Inc. Reports Strong Q3 2023 Financial Results and Surpasses 500 System-Wide Restaurants
Same-restaurant sales growth of 4.8% and total revenue growth of 17.3% Income from operations margin of 3.6% and Restaurant level operating profit margin of
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Same-restaurant sales growth of 4.8% and total revenue growth of 17.3% Income from operations margin of 3.6% and Restaurant level operating profit margin of 18.7% Net income of $5.4 million and Adjusted EBITDA of $21.6 million 13 system-wide restaurants opened across 10 states Raising 2023 same-restaurant sales growth, total revenue growth and Adjusted EBITDA guidance BRADENTON, Fla., Nov. 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 September 24, 2023 (“Q3 2023”) and updates its fiscal year 2023 guidance. “First Watch delivered impressive Q3 revenue and earnings results,” said Chris Tomasso, First Watch CEO and President. “We grew share while delivering total revenue growth of 17.3%, same-restaurant sales growth of 4.8% and Adjusted EBITDA growth of more than 25.0%. The ability of our teams to consistently execute at a high level, coupled with our strong brand positioning, underpins my confidence in our potential to quadruple our restaurant count and successfully navigate within virtually any economic environment.” Highlights for Q3 2023 compared to Q3 2022*: Total revenues increased 17.3% to $219.2 million in Q3 2023 from $186.9 million in Q3 2022System-wide sales increased 14.9% to $270.3 million in Q3 2023 from $235.2 million in Q3 2022Same-restaurant sales growth of 4.8% (+38.8% relative to the third quarter of 2019**)Same-restaurant traffic decline of 1.9% (+6.5% relative to the third quarter of 2019**)Income from operations margin increased to 3.6% during Q3 2023 from 1.4% in Q3 2022Restaurant level operating profit margin*** increased to 18.7% in Q3 2023 from 17.3% in Q3 2022Net income increased to $5.4 million, or $0.09 per diluted share, in Q3 2023 from $46.0 thousand in Q3 2022Adjusted EBITDA*** increased to $21.6 million in Q3 2023 from $17.0 million in Q3 2022Opened 13 system-wide restaurants (10 company-owned and 3 franchise-owned) across 10 states and acquired 11 operating franchise-owned restaurants, resulting in a total of 505 system-wide restaurants (402 company-owned and 103 franchise-owned) across 29 states ___________________* Thirteen weeks ended September 25, 2022 (“Q3 2022”)** Comparison to the thirteen wee...