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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _____ Commission file number 001-40866 First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter) Delaware 82-427 ...

Core Insights - First Watch Restaurant Group, Inc. reported a total revenue increase of 14.8% to $251.6 million for Q3 2024 compared to $219.2 million in Q3 2023 [3] - The company opened 9 new system-wide restaurants across 8 states, bringing the total to 547 restaurants [3][6] - Adjusted EBITDA grew by 18% to $25.6 million in Q3 2024 from $21.6 million in Q3 2023 [3][6] Financial Performance - Net income decreased to $2.1 million, or $0.03 per diluted share, down from $5.4 million, or $0.09 per diluted share, in Q3 2023 [3][24] - System-wide sales increased by 8.0% to $291.8 million in Q3 2024 from $270.3 million in Q3 2023 [3] - Same-restaurant sales growth was negative 1.9%, with same-restaurant traffic growth at negative 4.4% [3] Operational Highlights - The income from operations margin decreased to 2.5% in Q3 2024 from 3.6% in Q3 2023, while the restaurant level operating profit margin increased to 18.9% from 18.7% [3][24] - The company experienced no check management in Q3 2024, although planned marketing campaigns had a minor impact on net per person average [3] - All company-owned restaurants were fully operational shortly after Hurricane Milton, with no expected material impact on same-restaurant sales for Q4 [3][6] Updated Outlook - For the fiscal year ending December 29, 2024, the company anticipates same-restaurant sales growth of around negative 1.0% and total revenue growth in the range of 16.5% to 17.0% [6] - Adjusted EBITDA is projected to be between $110.0 million and $112.0 million, with 47 new system-wide restaurant openings expected [6][7] - Capital expenditures are estimated at around $130.0 million, primarily for new restaurant projects and remodels [6]