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Jun 26, 2022
First Watch Q2 2022 Earnings Report
Achieved strong results driven by same-restaurant sales and traffic growth, and raised full year guidance.
Key Takeaways
First Watch Restaurant Group reported strong Q2 2022 financial results, with system-wide sales increasing 20.0% and same-restaurant sales increasing 13.4%. The company also raised its fiscal year 2022 guidance.
System-wide sales increased 20.0% to $231.2 million.
Total revenues increased 19.8% to $184.5 million.
Same-restaurant sales growth was 13.4%, driven by an 8.1% increase in same-restaurant traffic.
Net income was $2.7 million, or $0.05 per diluted share.
Forward Guidance
The Company raises certain of its fiscal year 2022 guidance:
Positive Outlook
- Total revenue growth of approximately 20.0% relative to 2021
- Adjusted EBITDA in the range of $70.0 million to $72.0 million
- Same-restaurant sales growth in the range of 13.0% to 15.0% with continued positive traffic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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