- Q1 revenue +36% to $173.1M
- Q1 sales +35.6% to $214.1 million
- Q1 net income rose to $4.6 million, compared to net loss of $(2.0) million in Q1 2021
- Adjusted EBITDA increased to $19.4 million in Q1 2022 from $13.0 million in Q1 2021
- Opened 7 restaurants for total of 441
By Exec Edge Editorial Staff
First Watch Restaurant Group, Inc. (NASDAQ: FWRG), a “daytime dining” concept serving breakfast, brunch and lunch, today reiterated its fiscal year 2022 guidance.
For 2022, same-restaurant sales growth will be in the high-single digits with continued positive traffic, while adjusted EBITDA will be between $67.0 million to $71.0 million, it said.
Meanwhile, revenue rose 36% to $173.1 million in the first quarter from a year earlier, driven by same-restaurant sales growth of 27.2% and same-restaurant traffic growth of 21.9%, the company said in a statement.
“I’m pleased that First Watch’s track record of exceptional operating performance has continued into 2022,” Chris Tomasso, Chief Executive Officer and President of First Watch, said in the statement. “I’m especially proud that we delivered a strong restaurant level operating profit margin that exceeded our expectations despite the challenging operating environment.”