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Dec 31, 2023
First Watch Q4 2023 Earnings Report
Reported strong financial results with revenue increase and positive same-restaurant sales growth.
Key Takeaways
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.
First Watch
First Watch
First Watch Revenue by Segment
Revenue by Segment
Restaurant Sales Revenue
CapyFin.comFranchise Revenues Revenue
CapyFin.com Forward Guidance
The Company provides the following outlook for the 52-week fiscal year ended December 29, 2024:
Positive Outlook
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income