By Thomas Green
First Watch Restaurant Group, Inc. (Nasdaq: FWRG) said third quarter revenue rose 17% to $219.2 million from a year earlier.
After opening 13 new locations, the group now has over 500 restaurants, the company said in a statement. System-wide sales increased 15% to $270.3 million in the quarter. While same-resturant traffic declined by 1.9%, same-resturant sales grew 4.8%, it said.
Net income increased to $5.4 million from $46,000 in the third quarter of 2022 and adjusted EBITDA grew from $17.0 million in the quarter last year to $21.6 million this quarter.
“The ability of our teams to consistently execute at a high level, coupled with our strong brand positioning, underpins my confidence in our potential to quadruple our restaurant count and successfully navigate within virtually any economic environment,” said Chris Tomasso, First Watch CEO and President.
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