From GlobeNewswire:

First Watch Restaurant Group, Inc. reported total revenues of $891.6 million, up by 22.1%, with system-wide sales reaching $1.1 billion, up 20.6%. The company achieved a 7.6% same-restaurant sales growth, opened 51 new restaurants, and saw a net income of $25.4 million in 2023. They also project 1.0% to 3.0% same-restaurant sales growth and $106.0 million to $112.0 million in Adjusted EBITDA for 2024.

In Q4 2023, total revenues for First Watch increased by 31.7% to $244.6 million. The company reported an income from operations of $6.9 million, a significant increase from the previous year. The restaurant level operating profit margin also increased to 19.4% in Q4 2023. First Watch opened 19 new restaurants in Q4 2023 and acquired 6 more operating franchise restaurants.

The restaurant group aims for long-term growth with annual financial targets of low double-digit unit growth, around 3.5% same-restaurant sales growth, and a mid-teens adjusted EBITDA percentage growth. With potential for expanding to over 2,200 locations in the US, First Watch remains optimistic about future growth opportunities in the Daytime Dining segment.



Read more at GlobeNewswire:: First Watch Restaurant Group, Inc. Reports Strong 2023