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. reported strong Q1 2024 financial results with total revenues up by 14.7%, net income of $7.2 million, and adjusted EBITDA of $28.6 million. Despite positive same-restaurant sales growth of 0.5%, there were declines in income from operations margin and net income compared to Q1 2023. The company opened 9 new system-wide restaurants across 8 states, bringing the total to 531 restaurants. Management projects flat-to-up 2.0% same-restaurant sales growth for fiscal year 2024.
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