FWRG - First Watch Restaurant GAAP EPS of $0.00 misses by $0.03 revenue of $186.85M beats by $5.72M
- First Watch Restaurant press release ( NASDAQ: FWRG ): Q3 GAAP EPS of $0.00 misses by $0.03 .
- Revenue of $186.85M (+18.7% Y/Y) beats by $5.72M .
- Same-restaurant sales growth of 12.0% driven by same-restaurant traffic growth of 3.7%.
- System-wide sales increased 19.2% to $235.2M.
- Restaurant level operating profit margin of 17.3%.
- FY2022 Outlook : Same-restaurant sales growth at the top end of the 13.0% to 15.0% range with continued positive traffic; Total revenues growth of 20.0% to 22.0% relative to 2021 vs. consensus growth of 21.16%; Total of 44 new restaurant openings (30 new company-owned restaurants and 14 new franchise-owned restaurants); Capital expenditures of $60M to $63M, which includes investments in new restaurant projects, planned remodels and new in-restaurant technology; Blended tax rate of 40.0% to 41.0%; Adjusted EBITDA in the range of $70M to $72M.
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First Watch Restaurant GAAP EPS of $0.00 misses by $0.03, revenue of $186.85M beats by $5.72M