Welcome to our dedicated page for First Watch Restaurant Group news (Ticker: FWRG), a resource for investors and traders seeking the latest updates and insights on First Watch Restaurant Group stock.
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) is an award-winning daytime dining concept specializing in made-to-order breakfast, brunch, and lunch using only the freshest ingredients. Established in 1983, First Watch has grown to operate over 520 restaurants across 29 states. The company is renowned for its chef-driven menu that includes elevated classics and unique specialties such as the Quinoa Power Bowl®, Farm Stand Breakfast Tacos, and Million Dollar Bacon.
First Watch's operational philosophy is centered on its 'You First®' service, ensuring that customers receive extraordinary dining experiences from the moment they walk in. Every morning, the team begins its day by preparing fresh fruits, vegetables, and homemade batters, ensuring that freshness is never compromised. Customers are greeted with a pot of Sunrise Select® premium blend coffee, along with complimentary newspapers and Wi-Fi access.
First Watch has recently made significant strides in its growth strategy. In a landmark transaction, the company acquired 21 franchise-operated restaurants, further solidifying its footprint and enhancing its long-term value creation strategy. This acquisition is part of a broader effort that has seen First Watch acquire 44 franchise restaurants since May 2023.
The company is also focused on financial flexibility, as evidenced by its amended credit agreement. This new financial arrangement includes a $125 million delayed draw term facility and a $100 million term loan A facility, providing increased support for franchise acquisitions and new restaurant development.
First Watch has received numerous accolades, including being named the top restaurant brand in Yelp’s inaugural list of the top 50 most-loved brands in the U.S. and being recognized as a Top 100 Most Loved Workplace® by Newsweek in both 2022 and 2023. The company's commitment to culture and excellence was underscored by the late Ken Pendery, co-founder and former CEO, whose leadership philosophy continues to influence the organization today.
For more information, visit First Watch and stay updated through the Investors Relations section on their website.
First Watch Restaurant Group (Nasdaq: FWRG) announced participation in two conferences. On January 9, 2023, Chris Tomasso (CEO) and Mel Hope (CFO) will engage in a fireside chat at the 25th Annual ICR Conference, starting at 10:30 AM ET, with a live webcast available on their investor site. Additionally, a pre-recorded fireside chat will be presented at the Jefferies Winter Summit, available from January 21, 2023. Management will also hold meetings with institutional investors on January 23-24, 2023. First Watch is known for its fresh, made-to-order breakfast, brunch, and lunch offerings.
First Watch is introducing a seasonal menu with health-focused dishes available nationwide until March 12, 2023. The new menu features options like the Triple Berry Açaí Bowl and Cauli-Rizo Breakfast Tacos, designed to support customers' health resolutions. Additionally, for every Triple Berry Açaí Bowl sold, First Watch will donate 25 cents to Rainforest Trust to help protect the Amazon rainforest. This initiative emphasizes the use of ethically sourced ingredients and aims to promote sustainable dining.
First Watch Restaurant Group (NASDAQ: FWRG) will participate in a fireside chat at the Barclays Eat, Sleep, Play Conference on November 30, 2022, at 9:30 a.m. ET. CEO Chris Tomasso and CFO Mel Hope will discuss the company's progress. The session will be available for live streaming at First Watch's investor relations page and archived afterwards.
First Watch is known for its award-winning breakfast, brunch, and lunch offerings and operates over 455 locations across 29 states, focusing on fresh ingredients and chef-driven menus.
First Watch Restaurant Group (NASDAQ: FWRG) reported a 18.7% increase in total revenues, reaching $186.9 million for Q3 2022, driven by 12.0% same-restaurant sales growth and a 3.7% increase in same-restaurant traffic. Despite these gains, the income from operations margin fell to 1.4% from 4.6% a year prior due to increased costs and inflation. Net income decreased to $46,000 compared to $800,000 in Q3 2021. The company opened 11 new restaurants, raising its total to 459 across 29 states. Fiscal guidance for 2022 was updated, anticipating revenue growth of 20.0% to 22.0%.
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) plans to release its third quarter 2022 financial results on November 7, 2022, before market opens. A conference call will be held at 8:00 AM ET, featuring CEO Chris Tomasso and CFO Mel Hope. First Watch operates over 445 restaurants across the U.S., known for its chef-driven breakfast and brunch offerings. The company has received accolades such as the MenuMasters award and recognition for its culture. The call will be available via telephone and webcast for interested parties.
First Watch Restaurant Group (NASDAQ: FWRG) announced updates regarding its restaurants in Florida following Hurricane Ian's landfall. A total of 85 Company-owned restaurants were temporarily closed, with all but 10 now reopened. These closures primarily affected the Ft. Myers and Naples areas, where utility restoration is ongoing. Fortunately, fewer than 5 locations sustained significant damage. The Company holds comprehensive insurance coverage and is collaborating with insurers to evaluate the storm's financial impact.
First Watch Restaurant Group, Inc. (NASDAQ: FWRG) has announced the pricing of a secondary public offering of 4,500,000 shares of common stock at $15.50 per share, set to close on September 19, 2022. The offering is solely comprised of shares sold by Selling Stockholders, who will retain all proceeds. Additionally, underwriters have a 30-day option to purchase up to 675,000 additional shares. BofA Securities, Goldman Sachs & Co. LLC, and Jefferies serve as joint lead managers for this offering. The offering is conducted via a SEC prospectus.
First Watch Restaurant Group (NASDAQ: FWRG) announced a secondary public offering of 4,500,000 shares of common stock by certain stockholders. The underwriters, BofA Securities, Goldman Sachs, and Jefferies, have a 30-day option to purchase an additional 675,000 shares. All proceeds will go to the selling stockholders. A registration statement on Form S-1 has been filed but is not yet effective, meaning shares cannot be sold or offered until it becomes active. The offering is not an invitation to buy or sell shares in jurisdictions where it's unlawful.
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