First Watch Restaurant Group, Inc. (FWRG) Misses Q4 EPS by 4c

First Watch Restaurant Group, Inc. (NASDAQ: FWRG) reported Q4 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $185.7 million versus the consensus estimate of $187.61 million.

Outlook Fiscal Year 2023

The Company provides the following outlook for the 53-week fiscal year ended December 31, 2023:

• Same-restaurant sales growth of 6.0% to 8.0% with continued positive same-restaurant traffic growth
• Total revenue growth of 15.0% to 19.0%
• Adjusted EBITDA* in the range of $76.0 million to $81.0 million
• Total of 45-51 new system-wide restaurants, net of 3 company-owned restaurant closures (38 to 42 new company-owned restaurants and 10 to 12 new franchise-owned restaurants)
• Capital expenditures in the range of $100.0 million to $110.0 million invested primarily in new restaurant projects and planned remodels
• Blended tax rate of 36.0% to 38.0%

The Company reiterates its long-term annual financial targets as follows:

• Percentage unit growth in the low double digits
• Same-restaurant sales growth of ~3.5%
• Restaurant sales growth in the mid-teens
• Adjusted EBITDA percentage growth in the mid-teens

The Company also believes that the brand has the potential for more than 2,200 restaurants in the U.S.

For earnings history and earnings-related data on First Watch Restaurant Group, Inc. (FWRG) click here.

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