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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, Inc. (NASDAQ: FWRG) reported a robust Q1 2022, with total revenues rising 36.1% to $173.1 million, driven by same-restaurant sales growth of 27.2% and traffic growth of 21.9%. The net income reached $4.6 million or $0.08 per diluted share, a significant recovery from a net loss of $(2.0) million in Q1 2021. Notably, the restaurant level operating profit margin increased to 19.6%. The company opened 7 new restaurants and reaffirmed its fiscal year 2022 guidance, expecting total revenue growth exceeding 15% and 30-35 new company-owned restaurants.
First Watch Restaurant Group (NASDAQ: FWRG) will release its first quarter 2022 financial results on May 10, 2022, before the market opens. The Company specializes in breakfast, brunch, and lunch and has over 435 locations across 28 states. A conference call and webcast will follow the release at 8:00 AM ET, hosted by CEO Chris Tomasso and CFO Mel Hope. Investors can listen by calling 412-317-5208 or via a webcast on the Company’s investor website.
First Watch Restaurant Group (NASDAQ: FWRG) reported a strong financial performance for Q4 2021 and fiscal year 2021. Total revenues reached $601.2 million, with Q4 revenues of $162.6 million, a 48.7% increase from Q4 2020. Same-restaurant sales grew 36.7% year-over-year. The company opened 31 new restaurants in 2021, increasing total system-wide locations to 435. For 2022, First Watch forecasts same-restaurant sales growth in the high-single digits and revenue growth exceeding 15%.
First Watch Restaurant Group (NASDAQ: FWRG) will release its fourth quarter and fiscal year 2021 financial results on March 23, 2022, before the market opens. A conference call hosted by CEO Chris Tomasso and CFO Mel Hope will occur at 8:00 AM ET on the same day. Interested parties can access the call via telephone or webcast. First Watch is recognized for its award-winning Daytime Dining concept, focusing on fresh ingredients for breakfast, brunch, and lunch, with over 430 locations across 28 states.
First Watch Restaurant Group has announced strong preliminary results for the fourth quarter of fiscal 2021, reporting a remarkable 36.7% growth in same-restaurant sales. This growth is attributed to a surge in same-restaurant traffic by over 30%, continuing a trend of positive sales over 28 consecutive quarters pre-pandemic. The company opened 8 new restaurants in the quarter, bringing its total to 435 system-wide. Management expects Adjusted EBITDA for the quarter to exceed previous guidance of $10.2 million to $11.2 million.
First Watch Restaurant Group (FWRG) announced a virtual fireside chat at the 24th Annual ICR Conference on January 10, 2022, at 3:30 PM ET. CEO Christopher A. Tomasso and CFO Mel Hope will discuss the company's daytime dining concept, serving breakfast, brunch, and lunch. This chat will be available live on their Investor Relations website and archived afterward. The company will also participate in the Jefferies 11th Annual Winter Summit on January 24-25, 2022. First Watch operates over 425 restaurants across 28 states and has received numerous accolades for its menu.
First Watch Restaurant Group has launched a seasonal menu featuring premium ingredients available nationwide until March 13. The menu includes three new offerings: the Trailblazer Bowl, Carnitas Breakfast Burrito, and Superseed Protein Pancakes, alongside the popular Purple Haze juice. The new items cater to health-conscious diners without sacrificing flavor, aiming to reset healthy eating post-holiday season. The restaurant chain, which operates over 420 locations, is majority-owned by Advent International.
First Watch Restaurant Group (FWRG) announced a virtual fireside chat with CEO Christopher Tomasso and CFO Mel Hope at the Barclays Eat Sleep Play Conference on December 1, 2021, at 9:45 a.m. Eastern Time. This event will be available for live streaming on the Company’s Investor Relations website and archived afterward. First Watch is known for its breakfast, brunch, and lunch offerings, with over 425 locations across 28 states.
First Watch Restaurant Group (NASDAQ: FWRG) reported a remarkable 57.8% increase in total revenues, reaching $157.4 million for Q3 2021. This growth was primarily driven by a 46.2% rise in same-restaurant sales and a 40.1% increase in traffic. The company achieved a net income of $0.8 million or $0.02 per diluted share, compared to a net loss of $11.1 million in the prior year. The outlook for Q4 anticipates same-restaurant sales growth of 31.5% to 33.5% and adjusted EBITDA of $10.2 million to $11.2 million.
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