FWRG - First Watch Restaurant GAAP EPS of $0.15 beats by $0.06 revenue of $211.05M beats by $2.37M

2023-05-02 07:19:59 ET

• First Watch Restaurant press release ( NASDAQ: FWRG ): Q1 GAAP EPS of $0.15 beats by $0.06 .
• Revenue of $211.05M (+21.9% Y/Y) beats by $2.37M .
• System-wide sales increased 23.6% to $264.7 million in Q1 2023 from $214.1 million in Q1 2022
• Same-restaurant sales growth of 12.9% (42.0% relative to the first quarter of 2019**)
• Same-restaurant traffic growth of 5.1% (11.7% relative to the first quarter of 2019**)
• Opened 10 system-wide restaurants in 7 states resulting in a total of 484 system-wide restaurants (370 company-owned and 114 franchise-owned) across 29 states

• Outlook Fiscal Year 2023

  The Company raises certain of its guidance for the 53-week fiscal year ended December 31, 2023:

  • Total revenue growth in the range of 16.0% to 20.0% vs. 17.48% consensus
  • Adjusted EBITDA* in the range of $80.0 million to $85.0 million ⁽¹⁾
  • Updated blended tax rate in the range of 33.0% to 36.0%

  The Company confirms certain of its previous guidance for the 53-week fiscal year ended December 31, 2023:

  • Same-restaurant sales growth in the range of 6.0% to 8.0% with positive same-restaurant traffic growth
  • 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 ⁽²⁾

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