First Watch Q2 revenue up 19.5% to $258.6M; adjusted EBITDA +37% to $35.3M

First Watch Restaurant Group, Inc.

2024-Q2 EPS reported $0.26 revenue$501,010,000

Net income rose 12% to $8.9M ($0.14 diluted EPS) from $8.0M ($0.13) a year ago.
Restaurant-level operating profit margin improved 100 bps to 21.9%; income from ops margin up 110 bps to 6.4%.
Same-restaurant sales fell 0.3% and traffic fell 4.0%; system-wide sales up 10.1% to $299.0M.
Opened 7 new restaurants in 6 states, ending Q2 with 538 system-wide restaurants; acquired 21 franchise restaurants.
CEO cited high customer satisfaction and efficiency despite a transitory challenging backdrop.

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