FWRG - First Watch Restaurant rallies after strong guidance update

First Watch Restaurant Group ( NASDAQ: FWRG ) updated guidance ahead of a presentation at the ICR Conference on Monday.

For Q4, First Watch ( FWRG ) expects to report same-restaurant sales growth of 7.7%. Same-restaurant sales are noted to be 29.3% higher on a comparison to the level from 2019. Same-restaurant traffic growth was down 0.6% in Q4 from a year ago.

CEO update: "While the entire industry struggled through a challenging macro environment, we once again distinguished ourselves by achieving same-restaurant sales growth of 14.5% in 2022 – driven largely by same-restaurant traffic growth... As we look toward 2023, we believe that we are uniquely positioned to not only capitalize on the increasing consumer demand for Daytime Dining but to continue to provide our exceptional experience that has kept customers coming to us for decades."

Shares of First Watch ( FWRG ) rose 2.55% in premarket action on Monday following the positive update.

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