First Watch Q1 revenue up 14.7% to $242.4M; net income down to $7.2M, same-restaurant sales +0.5%

First Watch Restaurant Group, Inc.

2024-Q1 EPS reported $0.12 revenue$242,449,000

Total revenues $242.4M, +14.7% YoY; system-wide sales $289.6M, +9.4%.
Same-restaurant sales +0.5%, traffic -4.5%; net income $7.2M ($0.12 diluted) vs $9.4M.
Income from operations margin 5.1% vs 7.4% prior year; restaurant level margin 20.8% vs 21.2%.
Adjusted EBITDA $28.6M vs $27.4M; opened 9 system-wide restaurants, total 531.
CEO notes improved sequential traffic trends and record customer experience scores.

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