First Watch Restaurant Group, Inc. Stock Price, News & Analysis

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.

First Watch Restaurant Group (NASDAQ: FWRG) will participate in a fireside chat at the Goldman Sachs 29th Annual Global Retailing Conference on September 8, 2022, at 2:30 PM ET. CEO Christopher A. Tomasso and CFO Mel Hope will lead the discussion, which will be streamed live on the company’s investor website. Known for its award-winning daytime dining concept, First Watch serves breakfast, brunch, and lunch using fresh ingredients and has over 445 locations across 28 states. The restaurant has received numerous accolades and was recently recognized for its innovative menu.

First Watch has unveiled a new seasonal menu featuring a mix of autumn-inspired dishes, available nationwide until October 30, 2022. Highlights include the Modern Croque Madame and Pumpkin Pancake Breakfast, showcasing a blend of comfort food and fresh ingredients. Additionally, the menu offers a new juice blend, Pomegranate Pear Punch. This initiative reflects First Watch's commitment to culinary innovation and enhancing guest experiences. The company currently operates over 445 locations across the U.S.

First Watch Restaurant Group (NASDAQ: FWRG) announces the retirement of Ken Pendery, Jr., effective September 1, 2022, after nearly 40 years with the company. Pendery played a pivotal role in the brand's development since its inception in 1983, driving growth and establishing a strong organizational culture. He served as a director since 2017 and as Chairman Emeritus since 2019. CEO Chris Tomasso praised Pendery's leadership and commitment, stating his legacy will continue to influence the company as it enters a new chapter.

First Watch Restaurant Group (FWRG) reported a strong Q2 2022 with system-wide sales growth of 20.0% to $231.2 million and same-restaurant sales growth of 13.4%, supported by an 8.1% traffic increase. However, the income from operations margin decreased to 2.8% from 8.1% year-over-year, impacted by inflation and wage increases. Net income fell to $2.7 million ($0.05 per diluted share) compared to $3.8 million ($0.08 per diluted share) in Q2 2021. The company raised its fiscal 2022 guidance, projecting total revenue growth of approximately 20.0%.

First Watch (NASDAQ: FWRG), a leader in Daytime Dining, is taking significant steps toward environmental sustainability by partnering with WinCup, Inc. to replace around 30 million plastic straws annually with phade^®, compostable drinking straws. The new straws, which resemble traditional plastic but decompose naturally within months, will be rolled out nationwide following successful trials. First Watch, recognized as the fastest growing full-service restaurant company in 2021, emphasizes enhancing customer experiences while prioritizing sustainability in its operations.

First Watch Restaurant Group (NASDAQ: FWRG) is set to release its Q2 2022 financial results on August 9, 2022, before market opening. Following the announcement, a conference call and webcast will take place at 8:00 AM ET, featuring CEO Chris Tomasso and CFO Mel Hope. Interested listeners can participate via telephone or through a webcast available on the Company’s investor site.

Recognized for its breakfast, brunch, and lunch offerings, First Watch continues to grow with over 440 locations across 28 states.

First Watch Restaurant Group has appointed Stephanie Lilak, Chief People Officer at Bumble Inc., to its Board of Directors, effective June 17, 2022. This strategic move aims to leverage Lilak's extensive experience in human resources within the food and restaurant industry to enhance First Watch's growth and its 'You First' culture. Lilak's past roles include Chief Human Resources Officer at Dunkin’ Brands and over two decades in HR leadership at General Mills.