2023-03-07 07:06:40 ET
- First Watch Restaurant press release ( NASDAQ: FWRG ): Q4 GAAP EPS of -$0.01 misses by $0.04 .
- Revenue of $185.74M (+14.2% Y/Y) misses by $1.82M .
- System-wide sales increased 15.6% to $234.2 million in Q4 2022 from $202.7 million in Q4 2021
- Same-restaurant sales growth of 7.7% (up 29.3% relative to Q4 2019 * )
- Adjusted EBITDA ** increased to $15.1 million in Q4 2022 from $14.2 million in Q4 2021
- Opened 16 system-wide restaurants (11 company-owned and 5 franchise-owned) across 12 states, resulting in a total of 474 system-wide restaurants (366 company-owned and 108 franchise-owned) across 29 states
- 2023 Outlook:
- Same-restaurant sales growth of 6.0% to 8.0% with continued positive same-restaurant traffic growth
- Total revenue growth of 15.0% to 19.0%
- Adjusted EBITDA* in the range of $76.0 million to $81.0 million
- 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
- Blended tax rate of 36.0% to 38.0%
For further details see:
First Watch Restaurant GAAP EPS of -$0.01 misses by $0.04, revenue of $185.74M misses by $1.82M