By Exec Edge Editorial Staff
First Watch Restaurant Group, Inc. (NASDAQ: FWRG), a “daytime dining” concept serving breakfast, brunch and lunch, reported an 18.7% rise in revenue during the third quarter, driven by both same-restaurant sales and new locations.
Total revenues rose to $186.9 million in the third quarter versus $157.4 million in the same period a year earlier. Same-restaurant sales increased 12.0% and were up 32.7% relative to the third quarter of 2019.
“We are very pleased with our third quarter results, which demonstrate our broad consumer appeal and the consistency and strength of our business model even in this uncertain economic environment,” said Chris Tomasso, Chief Executive Officer and President of First Watch. “We believe our performance is among the best in our industry with the year-over-year increase in system-wide sales of 19.2%, same-restaurant sales growth of 12.0% and same-restaurant traffic growth of 3.7%. Our customers clearly recognize and appreciate the elevated dining experiences, differentiated offering and value proposition First Watch provides. Looking ahead, we continue to see a long runway for profitable growth as we invest in our people and accelerate our restaurant development.”
The company nudged up its 2022 revenue guidance to a range of 20% to 22% versus a prior target of 20%. Same-restaurant sales growth is expected at the top end of the 13.0% to 15.0% range with continued positive traffic.
First watch opened 11 system-wide restaurants across 9 states during the third quarter, resulting in a total of 459 system-wide restaurants across 29 states.