First Watch Restaurant Group, Inc. (FWRG) has seen an increase of 7.14% in aftermarket without any latest news released by the company. However, the last trading session concluded at $14 with an increase of 2.04%.
Preliminary Operational Metrics by FWRG – What’s up?
FWRG announced preliminary operational metrics on 10th January 2022. The company announced that it had opened eight restaurants across the system, including five company-owned and three franchise-owned. Furthermore, FWRG hastened the planned closure of a 30-year-old company-owned restaurant during the quarter. Not only this but there were 31 system-wide restaurant openings, with 22 company-owned restaurants and 9 franchisee-owned restaurants. Last but not the least, the firm successfully launched 435 restaurants in 28 states.
First Watch’s New Seasonal Menu by FWRG
On 3rd January 2022, FWRG reported that as the Christmas season draws to a close and the new year begins, First Watch, the nation’s premier Daytime Dining concept with over 420 locations, welcomes visitors to brighten up those dreary winter days with its new menu including a variety of premium ingredients. First Watch has got you covered with pancakes, lean protein, sweet items, thus everything.
Third Quarter 2021 Results – How was the quarter?
FWRG announced third quarter 2021 results on 8th November 2021. The company reported net revenues of $157.4 million with a 57.8% increase and same-restaurant sales came out with an increase of 46.2%. The operating profit margin at the restaurant level improved to 19.5 percent from 9.9 percent whereas the net gain was $0.8 million. Not only this but the adjusted EBITDA has risen to $17.0 million. Lastly, five system-wide restaurants opened in the quarter, bringing the total number of system-wide restaurants to 428.
So what?
When comparing same-restaurant sales and traffic growth, higher restaurant-level operating profit margin, and increased Adjusted EBITDA in 2020 and 2019, the third quarter performance indicates the brand’s strength and dependability. As a result, the firm is extremely pleased with the team’s efforts, which resulted in one of the best quarters in First Watch’s nearly 40-year history.
