First Watch Q3 revenue $219.2M (+17.3%), net income $5.4M, raises FY guidance

First Watch Restaurant Group, Inc.

2023-Q3 EPS reported $0.37 revenue$646,918,000

Total revenue $219.2M, up 17.3% YoY; same-restaurant sales +4.8%.
Net income $5.4M ($0.09 diluted EPS) vs $46K prior year; Adjusted EBITDA $21.6M, up 27%.
Restaurant level operating profit margin 18.7% vs 17.3%; income from ops margin 3.6% vs 1.4%.
Opened 13 system-wide restaurants and acquired 11 franchise units; total now 505 across 29 states.
Raised FY2023 guidance for same-restaurant sales growth, total revenue growth, and Adjusted EBITDA.

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 0.98

First Watch Restaurant Group, Inc. reported the thirteen weeks ended September 24, 2023 results: revenue $219.2 million, net income $5.4 million, or $0.09 per diluted share, EPS $0.09 per diluted share. Guidance raised.

Period: the thirteen weeks ended September 24, 2023
Revenue: $219.2 million
Net income: $5.4 million, or $0.09 per diluted share
EPS: $0.09 per diluted share
Guidance: raised
Result: reported results

Exact text from the filing

our restaurant count and successfully navigate within virtually any economic environment. ” Highlights for Q3 2023 compared to Q3 2022*: • Total revenues increased 17.3% to $219.2 million in Q3 2023 from $186.9 million in Q3 2022 • System-wide sales increased 14.9% to $270.3 million in Q3 2023 from $235.2 million in Q3 2022 • Same-restaurant sales growth of 4.8%

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Source: SEC EDGAR

accession 0001789940-23-000103

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