Core Insights - First Watch Restaurant Group reported preliminary operational metrics for the fourth quarter and fiscal year ended December 29, 2024, highlighting a focus on growth in the Daytime Dining sector [1][2]. Sales and Traffic Highlights - Same-restaurant sales growth for the fourth quarter was -0.3%, while for the entire fiscal year it was -0.5% [3]. - Same-restaurant traffic growth was recorded at -3.0% for the fourth quarter and -4.0% for the fiscal year [3]. Restaurant Development - In the fourth quarter of 2024, First Watch opened 25 new restaurants, including 23 company-owned and 2 franchise-owned [4]. - For the entire year of 2024, the company opened 50 new restaurants (43 company-owned and 7 franchise-owned) and closed 2 [4]. - As of December 29, 2024, First Watch operated 572 system-wide restaurants, comprising 489 company-owned and 83 franchise-owned across 29 states [5]. Upcoming Events - The CEO and CFO will participate in a fireside chat at the 27th Annual ICR Conference on January 14, 2025 [6]. - The leadership team will also meet with institutional investors at the Jefferies Summit on January 28, 2025 [7]. Company Overview - First Watch is recognized as a leading Daytime Dining concept, serving made-to-order breakfast, brunch, and lunch with a focus on fresh ingredients [11]. - The company has received numerous accolades, including being named the 1 Most Loved Workplace in America for 2024 by Newsweek [11].

BRADENTON, Fla., Jan. 07, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. ("First Watch" or the "Company") (NASDAQ:FWRG), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced that Chris Tomasso, Chief Executive Officer and President, and Mel Hope, Chief Financial Officer, will participate in two upcoming conferences: The Company will host a fireside chat at the 27th Annual ICR Conference on Jan. 14, 2025 at 10:00 AM ET. The fireside chat will be available at ht ...

First Watch Restaurant Group (NASDAQ: FWRG ) hasn’t really gone back on its word. They are not really a discount brand, even with traffic pushing comparable sales down onceI'm an Equity Analyst and Accountant specializing in restaurant stocks, with a strong foundation in Business Administration and Accounting, complemented by an MBA in Forensic Accounting and Controllership. As the founder of Goulart's Restaurant Stocks, I lead a company focused on analyzing restaurant stocks in the U.S. market. Our coverag ...

First Watch Restaurant Group, Inc. (FWRG) has entered into an agreement to acquire 15 franchise-owned locations and one restaurant under construction in North and South Carolina for a total of $49 million.The transaction is expected to close by mid-April 2025, subject to customary closing conditions, and will be funded with a combination of cash and borrowings from the company’s credit facility.The company views strategic acquisitions of franchise-operated restaurants as a key component of its long-term gro ...

Core Viewpoint - First Watch Restaurant Group, Inc. announced the pricing of an underwritten secondary offering of 8,000,000 shares of its common stock at a public price of $19.95 per share, with the offering expected to close on November 13, 2024 [1][2] Group 1: Offering Details - The underwriter has a 30-day option to purchase up to an additional 1,200,000 shares at the public offering price [2] - The Selling Stockholders will receive all proceeds from the offering, while the Company will not sell any shares or receive any proceeds [2] - Goldman Sachs & Co. LLC is acting as the sole underwriter for the offering [2] Group 2: Company Overview - First Watch is a leading Daytime Dining concept serving made-to-order breakfast, brunch, and lunch using fresh ingredients [7] - The company operates more than 540 restaurants across 29 states and has received numerous accolades for its breakfast and brunch offerings [7] - First Watch was named 2024's 1 Most Loved Workplace in America and recognized as the top restaurant brand in Yelp's inaugural list of the top 50 most-loved brands in the U.S. [7]

BRADENTON, Fla., Nov. 11, 2024 (GLOBE NEWSWIRE) -- A little kindness goes a long way, and First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (together with its subsidiaries “First Watch” or the “Company”) – the leading daytime dining concept specializing in breakfast, brunch and lunch – is spreading the joy this year for World Kindness Day. On Wednesday, November 13, First Watch is giving away more than 15,000 cinnamon rolls for customers to “pay forward” as a random act of kindness in their communities. The ...

Company Overview - First Watch Restaurant Group, Inc. is hosting its Q3 2024 Earnings Conference Call on November 7, 2024 [1] - The call features key company participants including CEO Chris Tomasso and CFO Mel Hope [3] Financial Reporting - The company has released its earnings for the third quarter of fiscal year 2024 and filed its quarterly report on Form 10-Q with the SEC [3] Conference Call Structure - The conference call is being recorded and participants are initially in a listen-only mode [2]

Financial Data and Key Metrics Changes - In Q3 2024, the company generated $291.8 million in system-wide sales and $251.6 million in total revenues, marking a 14.8% increase year-over-year [8][30] - Adjusted EBITDA was $25.6 million, an increase of $4 million from $21.6 million in the previous year, with an adjusted EBITDA margin of 10.2% compared to 9.9% [35] - Net income for the quarter was $2.1 million, resulting in a net income margin of 0.8% [36] Business Line Data and Key Metrics Changes - Same-restaurant sales experienced a decline of 1.9%, with same-restaurant traffic down 4.4% [30] - Dining room traffic, which represents over 80% of overall sales, improved each month during the quarter and turned slightly positive in the last period [31] - Off-premise traffic remained negative, but direct off-premise traffic stabilized [71] Market Data and Key Metrics Changes - The company noted that the morning meal occasion is under pressure due to macroeconomic factors, with consumers reducing dine-out spending [50] - Despite the challenges, the company is gaining market share, particularly as legacy players close locations [57] Company Strategy and Development Direction - The company aims to increase its restaurant count to 2,200 domestic units, with a current pipeline of over 120 projects [12][25] - Investments in technology are focused on enhancing customer experience and operational efficiency, including demand generation efforts rooted in customer data [19][81] - The company plans to open 23 new restaurants in Q4 2024, with a total of 47 net new system-wide restaurants expected for the year [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of dining room traffic and the effectiveness of targeted marketing campaigns [46][53] - The company is adjusting its annual revenue growth expectations to a range of 16.5% to 17% due to hurricane-related delays and new restaurant openings being pushed to early 2025 [40] - Management remains optimistic about the long-term growth potential despite current challenges in the AM dining segment [51][57] Other Important Information - The company was recognized as the number one Most Loved Workplace in America for the third consecutive year, highlighting its focus on employee satisfaction [15] - General and administrative expenses increased to $27.7 million, primarily due to IT and additional headcount [34] Q&A Session Summary Question: Success of Targeted Marketing Campaigns - Management noted that while on-prem and off-prem channels are distinct, they are pleased with the results from targeted marketing initiatives [45] Question: Drivers of Softness in AM Daypart - Management indicated that the morning meal occasion is under pressure due to macroeconomic factors, with consumers opting to dine at home [50] Question: Traffic Improvement Trends - Management confirmed improved trends in dining room and direct off-premise channels, with dining room traffic turning positive in September [71] Question: Labor Efficiency and Cost Inflation - Management credited operators for improved labor efficiency and noted that labor inflation is expected to be around 5% for the year [100][102] Question: Marketing Spend Appropriateness - Management stated that they are evaluating whether to increase marketing spend to achieve desired results, with no specific percentage target [83] Question: Impact of Third-Party Delivery - Management reported that third-party delivery has been a drag on traffic, with a mid-teens decline since mid-year [87][88]

For the quarter ended September 2024, First Watch Restaurant Group, Inc. (FWRG) reported revenue of $251.61 million, up 14.8% over the same period last year. EPS came in at $0.03, compared to $0.09 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $260.05 million, representing a surprise of -3.25%. The company delivered an EPS surprise of -40.00%, with the consensus EPS estimate being $0.05.While investors scrutinize revenue and earnings changes year-over-year and how ...

First Watch Restaurant Group, Inc. (FWRG) came out with quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -40%. A quarter ago, it was expected that this company would post earnings of $0.12 per share when it actually produced earnings of $0.14, delivering a surprise of 16.67%.Over the last four quart ...