NASDAQ$FWRG
First Watch Restaurant Group Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported strong financial results with revenue increase and positive same-restaurant sales growth.
First Watch Restaurant Group reported a strong Q4 2023 with a 31.7% increase in total revenues to $244.6 million and a 5.0% increase in same-restaurant sales growth. Net income was $2.6 million, a significant improvement compared to the net loss of $(0.5) million in Q4 2022. The company opened 19 system-wide restaurants during the quarter.
- Total revenues increased by 31.7% to $244.6 million.
- System-wide sales increased by 26.6% to $296.5 million.
- Same-restaurant sales growth was 5.0%.
- Net income reached $2.6 million, compared to a net loss of $(0.5) million in the previous year.
Headline financials
Revenue & EPS history
First Watch · Revenue · Quarterly
$245M
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 provides the following outlook for the 52-week fiscal year ended December 29, 2024:
Tailwinds
- Same-restaurant sales growth of 1.0% to 3.0% with flat-to-negative same-restaurant traffic growth
- Total revenue growth in the range of 18.0% to 20.0%
- Adjusted EBITDA in the range of $106.0 million to $112.0 million
- Total of 51 to 57 new system-wide restaurants, net of 1 company-owned restaurant closure (43 to 47 new company-owned restaurants and 9 to 11 new franchise-owned restaurants)
- The Company reiterates its long-term annual financial targets as follows: Percentage unit growth in the low double digits, Same-restaurant sales growth of ~3.5%, Restaurant sales growth in the mid-teens, Adjusted EBITDA percentage growth in the mid-teens
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 Q4 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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