First Watch Q2 revenue up 17.3% to $216.3M, net income $8.0M, raises FY 2023 EBITDA guidance

First Watch Restaurant Group, Inc.

2023-Q2 EPS reported $0.28 revenue$427,706,000

Total revenues $216.3M (+17.3% YoY); same-restaurant sales +7.8%, traffic -1.2%.
Net income $8.0M ($0.13 diluted EPS) vs $2.7M ($0.05) YoY; Adjusted EBITDA $25.8M vs $17.8M.
Restaurant-level operating profit margin improved to 20.9% from 18.2%; income from ops margin 5.3% from 2.8%.
Opened 9 system-wide restaurants; total now 492; acquired 6 franchise restaurants.
Company raises FY 2023 Adjusted EBITDA guidance (specific new range not disclosed).

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

First Watch Restaurant Group, Inc. reported the thirteen weeks ended June 25, 2023 ("Q2 2023") results: revenue $216.3 million, net income $8.0 million, EPS $0.13 per diluted share. Guidance raised.

Period: the thirteen weeks ended June 25, 2023 ("Q2 2023")
Revenue: $216.3 million
Net income: $8.0 million
EPS: $0.13 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

in our unique opportunity and the growth algorithm that underpins our long-term targets .” Highlights for Q2 2023 compared to Q2 2022*: • Total revenues increased 17.3% to $216.3 million in Q2 2023 from $184.5 million in Q2 2022 • System-wide sales increased 17.4% to $271.5 million in Q2 2023 from $231.2 million in Q2 2022 • Same-restaurant sales growth of 7.8%

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Source: SEC EDGAR

accession 0001789940-23-000090

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