FWRG - First Watch Restaurant beats Q2 top and bottom line estimates; updates FY23 outlook

2023-08-01 07:27:02 ET

• First Watch Restaurant press release ( NASDAQ: FWRG ): Q2 GAAP EPS of $0.13 beats by $0.05 .
• Revenue of $216.3M (+17.3% Y/Y) beats by $5.64M .
• 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% (39.6% relative to Q2 2019).
• Same-restaurant traffic decline of (1.2)% (7.4% same-restaurant traffic growth relative to Q2 2019).
• Adjusted EBITDA increased to $25.8 million in Q2 2023 from $17.8 million in Q2 2022.
• The Company updates certain of its guidance for the 53-week fiscal year ended December 31, 2023: Total revenue growth in the range of 18.0% to 21.0% vs. estimated growth of 19.10% Y/Y ^.
• Adjusted EBITDA in the range of $89.0 million to $92.0 million.
• Blended tax rate in the range of 28.0% to 31.0%
• Same-restaurant sales growth in the range of 6.0% to 8.0% with marginally positive same-restaurant traffic growth.
• The Company confirms certain of its previous guidance for the 53-week fiscal year ended December 31, 2023:
• Total of 45-51 new system-wide restaurants, net of 3 company-owned restaurant closures (38 to 42 new company-owned restaurants and 10 to 12 new franchise-owned restaurants).
• Capital expenditures in the range of $100.0 million to $110.0 million invested primarily in new restaurant projects and planned remodels ^.

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