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. operates a daytime dining restaurant concept built around made-to-order breakfast, brunch and lunch. Company updates focus on restaurant sales, franchise revenue, same-restaurant sales and traffic, restaurant-level operating profit, Adjusted EBITDA, and the pace of new system-wide openings across company-owned and franchise-owned locations.
Recurring announcements also cover fiscal outlooks, capital expenditures for new restaurant projects and remodels, market entries, investor conference participation, and governance or management changes. First Watch communications frequently distinguish comparable-restaurant performance from unit growth, giving context for how the brand expands while reporting results for its existing restaurant base.
First Watch Restaurant Group, Inc. (Nasdaq: FWRG), a leader in Daytime Dining, announced participation in two key conferences. CEO Chris Tomasso and CFO Mel Hope will represent the company.
The first engagement is at the 27th Annual ICR Conference on Jan. 14, 2025, where they will host a fireside chat at 10:00 AM ET. The event will be accessible online in the News & Events section of their investor website and archived post-conclusion. Additionally, management will conduct meetings with institutional investors on Jan. 13-14, 2025.
The second event is the Jefferies SMid Cap Consumer Summit on Jan. 28, 2025, where the company will again host meetings with institutional investors. Interested parties are advised to contact their Jefferies salesperson to arrange a meeting.
First Watch Restaurant Group (NASDAQ: FWRG) has announced the pricing of a secondary offering of 8,000,000 shares of common stock at $19.95 per share. The offering is being conducted by certain funds managed by Advent International, L.P., who will receive all proceeds. Goldman Sachs & Co. is acting as the sole underwriter. The underwriter has a 30-day option to purchase up to an additional 1,200,000 shares. The offering is expected to close on November 13, 2024. FWRG will not receive any proceeds from this transaction as it is not selling any shares in the offering.
First Watch Restaurant Group (NASDAQ: FWRG) has announced a secondary offering of 8,000,000 shares of common stock by Advent International funds. The underwriter, Goldman Sachs & Co. , has a 30-day option to purchase an additional 1,200,000 shares. All proceeds will go to the selling stockholders, with FWRG not receiving any proceeds from the offering. The offering is being made through an effective shelf registration statement filed with the SEC.
First Watch Restaurant Group (NASDAQ: FWRG) announces a special World Kindness Day initiative on November 13, offering 15,000 free cinnamon rolls for customers to pay forward as acts of kindness. The first 50 dine-in guests at participating locations will receive a complimentary Stay Golden Cinnamon Roll to-go when mentioning the word 'kindness.' The promotion requires an in-restaurant purchase and is available while supplies last. The featured cinnamon roll, part of First Watch's seasonal Holiday menu, comes with lemon cream cheese icing and gold sprinkles.
First Watch Restaurant Group (NASDAQ: FWRG) has announced plans to acquire 16 franchise restaurants in North and South Carolina for $49 million on a cash-free, debt-free basis. The deal includes 15 existing franchise-owned restaurants, one under construction, and corresponding development rights in both states. This marks the second-largest franchisee acquisition in First Watch's history and follows six previous accretive acquisitions totaling 45 franchised restaurants since May 2023. The transaction is expected to close by mid-April 2025 and will be funded through cash on hand and available credit facility borrowings. The company expects these restaurants to generate unit volumes and operating profit margins comparable to their company-owned locations.
First Watch Restaurant Group (FWRG) reported Q3 2024 financial results showing a 14.8% increase in total revenues to $251.6 million. The company experienced mixed performance with system-wide sales growing 8.0% to $291.8 million, while same-restaurant sales declined 1.9% and traffic decreased 4.4%. Net income fell to $2.1 million ($0.03 per diluted share) from $5.4 million in Q3 2023, though Adjusted EBITDA grew 18% to $25.6 million. The company opened 9 new system-wide restaurants across 8 states, reaching 547 total locations. Updated guidance for fiscal 2024 projects total revenue growth of 16.5-17.0% and 47 new system-wide restaurant openings.
First Watch Restaurant Group (NASDAQ: FWRG) announced it will release its third quarter 2024 financial results on Thursday, November 7, 2024, before market opens. The company will host a conference call and webcast at 8:00 AM ET on the same day, led by CEO and President Chris Tomasso and CFO Mel Hope. Participants can join via phone dial-in, pre-registration link, or webcast through the investor relations website. The webcast will be archived after the call concludes.
First Watch Restaurant Group (NASDAQ: FWRG) provides an update on the impact of Hurricane Milton on its operations. From October 8-13, 2024, 85 Company-owned restaurants were closed for at least one day due to the hurricane. As of October 14th, 77 of these restaurants have reopened, with management assessing the reopening timeline for the remaining 8 affected locations.
Additionally, Hurricane Helene affected less than 10 Company-owned restaurants, with only one closed for more than three days. First Watch maintains comprehensive insurance coverage, including property, flood, and business interruption. The company is working with insurance providers to assess the overall impact, which is expected to take several weeks to complete.
First Watch, the leading Daytime Dining restaurant, has been named the #1 Most Loved Workplace® in America by Newsweek and the Best Practice Institute for the third consecutive year. This recognition highlights the company's commitment to its 'You First' culture for its 14,000+ employees.
First Watch was specifically recognized for its employee benefits, including:
- Back-up child and elder care
- Free Calm app memberships
- Telemedicine services with no out-of-pocket expenses
- High school diploma and tuition reimbursement programs
The company's W.H.Y. (We Hear You) Tours involve leadership engaging in video conversations with staff to gather feedback, resulting in improvements to the menu, operating systems, and employee offerings. First Watch's one-shift 'No Nights Ever' model allows teams to build stronger connections and enjoy evenings with family.
First Watch Restaurant Group (NASDAQ: FWRG) has promoted Rob Conti to Chief Information Officer. Conti, who joined First Watch in 2019, brings over 25 years of experience in hospitality technology leadership. He will be responsible for setting the company's IT strategy and roadmap, ensuring successful integration of technology initiatives.
Under Conti's leadership, First Watch has developed key systems including a business intelligence platform, cyber security program, pay-at-table solution, and kitchen display systems. His focus on operators, employees, and customers aligns with First Watch's 'You First' commitment. Prior to First Watch, Conti spent 18 years at Hard Rock International and over 10 years with The Walt Disney Company in restaurant operations.