Business
First Watch Restaurant Group, Inc. Reports Third Quarter Financial Results
Robust Same-Restaurant Sales Growth of 46.2% and Traffic Growth of 40.1% BRADENTON, Fla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc.
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Robust Same-Restaurant Sales Growth of 46.2% and Traffic Growth of 40.1%\nBRADENTON, Fla., Nov. 08, 2021 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG), (“First Watch” or the “Company”) the Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the third fiscal quarter ended September 26, 2021. Highlights for the third fiscal quarter ended September 26, 2021 compared to the third fiscal quarter ended September 27, 2020: Total revenues increased 57.8% to $157.4 millionSame-restaurant sales growth of 46.2% (19.7% growth compared to 2019(*))Same-restaurant traffic growth of 40.1% (4.8% growth compared to 2019(*))Income (Loss) from operations margin of 4.6% compared to (8.8)% ((3.4)% in 2019(*))Restaurant level operating profit margin(**) increased to 19.5% from 9.9% (16.0%, in 2019(*))Net income of $0.8 million, or $0.02 per diluted share, compared to Net loss of $11.1 million, or $(0.25) per diluted share (Net loss of $7.0 million, or $(0.16) per diluted share in 2019(*))Adjusted EBITDA(**) increased to $17.0 million from $2.6 million ($7.7 million in 2019(*))Five system-wide restaurant openings in the quarter, resulting in a quarter-end count of 428 system-wide restaurants (337 company-owned and 91 franchise-owned) across 28 states ___________________* Comparison to the third fiscal quarter ended September 29, 2019 is provided for enhanced comparability. ** See “Non-GAAP Financial Measures” below. Third Fiscal Quarter 2021 Financial Results “Our third quarter performance reflects the strength and resiliency of our brand as evidenced by the exceptional same-restaurant sales and traffic growth, improved restaurant level operating profit margin and increased Adjusted EBITDA when compared to the same periods in both 2020 and 2019,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “I want to personally thank the dedicated individuals throughout our organization for their commitment to delivering an elevated experience at every opportunity and for their efforts in establishing the third quarter of fiscal 2021 as one of the strongest quarters in First Watch's nearly 40-year history.” Total revenues for the quarter increased 57.8% to $157.4 million from $99.7 million during the same period in 2020 primarily due to (i) same-restaurant sales growth of...