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Sep 25, 2022
First Watch Q3 2022 Earnings Report
Reported strong financial results and raised certain full year guidance.
Key Takeaways
First Watch Restaurant Group reported strong Q3 2022 financial results, with total revenues up 18.7% to $186.9 million and same-restaurant sales growth of 12.0%. The company also raised certain elements of its fiscal year 2022 guidance.
System-wide sales increased 19.2% to $235.2 million.
Total revenues increased 18.7% to $186.9 million.
Same-restaurant sales growth of 12.0% was achieved, driven by a 3.7% increase in same-restaurant traffic.
The company opened 11 system-wide restaurants across 9 states.
Forward Guidance
As a result of our continued strong financial results, the Company updated certain elements of its previous guidance for fiscal year 2022:
Positive Outlook
- Same-restaurant sales growth at the top end of the 13.0% to 15.0% range with continued positive traffic
- Total revenues growth of 20.0% to 22.0% relative to 2021
- Total of 44 new restaurant openings (30 new company-owned restaurants and 14 new franchise-owned restaurants)
- Capital expenditures of $60.0 million to $63.0 million, which includes investments in new restaurant projects, planned remodels and new in-restaurant technology
- Blended tax rate of 40.0% to 41.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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