NASDAQ$FWRG
First Watch Restaurant Group Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported strong Q3 revenue and earnings results, surpassing 500 system-wide restaurants.
First Watch reported a strong Q3 2023 with a 17.3% increase in total revenue, 4.8% same-restaurant sales growth, and a net income of $5.4 million. The company opened 13 new restaurants and acquired 11 franchise-owned restaurants, reaching a total of 505 system-wide restaurants. They also raised their 2023 same-restaurant sales growth, total revenue growth and Adjusted EBITDA guidance.
- Total revenues increased 17.3% to $219.2 million.
- Same-restaurant sales growth of 4.8%.
- Net income increased to $5.4 million, or $0.09 per diluted share.
- Opened 13 system-wide restaurants and acquired 11 operating franchise-owned restaurants, resulting in a total of 505 system-wide restaurants.
Headline financials
Revenue & EPS history
First Watch · Revenue · Quarterly
$219M
Revenue by segment
First Watch · $211M total across 2 segments · Q1 2023
- Restaurant Sales$208M+21.9%98.4%
- Franchise Revenues$3.44M+40.7%1.6%
Forward guidance
The Company updates its guidance for the 53-week fiscal year ended December 31, 2023:
Tailwinds
- Same-restaurant sales growth in the range of 7.0% to 8.0% with generally flat same-restaurant traffic growth
- Total revenue growth in the range of 20.0% to 21.0%
- Adjusted EBITDA in the range of $91.0 million to $92.0 million
- Blended tax rate in the range of 26.0% to 28.0%
- Total of 49-52 new system-wide restaurants, net of 1 company-owned restaurant closure (37 to 39 new company-owned restaurants and 13 to 14 new franchise-owned restaurants)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.9%
Avg return
Earnings day
-0.6%
Avg return
5 days after
-0.9%
Avg return
30 days after
39%
9 / 23 earnings
Positive
+15.5%
Q3 2024
Best reaction
-17.6%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | -0.7% | -16.0% | |
| Q4 2025 | -10.7% | -19.6% | -29.6% | |
| Q3 2025 | -3.9% | -3.0% | -1.3% | |
| Q1 2025 | -17.6% | -15.3% | -19.8% | |
| Q4 2024 | -7.0% | -8.9% | -3.6% | |
| Q3 2024 | +15.5% | +7.1% | +5.9% | |
| Q2 2024 | +10.8% | +13.7% | +11.0% | |
| Q1 2024 | -13.1% | -16.7% | -24.9% | |
| Q4 2023 | -3.8% | -1.8% | -10.0% | |
| Q3 2023 | -0.3% | +1.2% | +12.1% | |
| Q2 2023 | +2.8% | +3.3% | +2.6% | |
| Q1 2023 | +2.3% | +1.3% | +6.8% | |
| Q4 2022 | -3.3% | -5.2% | -6.0% | |
| Q3 2022 | -11.4% | -3.9% | -12.4% | |
| Q2 2022 | -0.2% | +1.9% | +2.7% | |
| Q2 2021 | -0.2% | +1.9% | +2.7% | |
| Q1 2021 | +8.9% | +19.6% | +32.5% | |
| Q1 2022 | +8.9% | +19.6% | +32.5% | |
| Q4 2021 | -1.7% | -3.3% | -6.0% | |
| Q4 2019 | -1.7% | -3.3% | -6.0% | |
| Q3 2021 | +1.8% | -0.3% | +2.0% | |
| Q4 2020 | +1.8% | -0.3% | +2.0% | |
| Q3 2020 | +1.8% | -0.3% | +2.0% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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