First Watch Restaurant (US:FWRG)2024-05-07 13:03Financial Performance - Q1 2024 - Total revenues increased by 147% to $2424 million in Q1 2024 from $2114 million in Q1 2023[44] - System-wide sales increased by 94% to $2896 million in Q1 2024 from $2647 million in Q1 2023[44] - Same-restaurant sales growth was 05%[7,44] - Net income decreased to $72 million or $012 per diluted share in Q1 2024 from $94 million or $015 per diluted share in Q1 2023[60] - Adjusted EBITDA increased to $286 million in Q1 2024 from $274 million in Q1 2023[60] - Income from operations margin decreased to 51% during Q1 2024 from 74% in Q1 2023[60] - Restaurant level operating profit margin decreased to 208% in Q1 2024 from 212% in Q1 2023[60] Expansion and Outlook - The company opened 9 system-wide restaurants in 8 states resulting in a total of 531 system-wide restaurants (432 company-owned and 99 franchise-owned) across 29 states[74] - The company expects same-restaurant sales growth in a range of flat-to-up 20% and total revenue growth in the range of 170% to 190% for fiscal year 2024[79]