First Watch Restaurant Group, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
March 05, 2024 at 07:00 am
Share
First Watch Restaurant Group, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported revenue was USD 244.63 million compared to USD 185.75 million a year ago. Net income was USD 2.65 million compared to net loss of USD 0.486 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to basic loss per share from continuing operations of USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to diluted loss per share from continuing operations of USD 0.01 a year ago.
For the full year, the company reported revenue was USD 891.55 million compared to USD 730.16 million a year ago. Net income was USD 25.39 million compared to USD 6.91 million a year ago. Basic earnings per share from continuing operations was USD 0.43 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.41 compared to USD 0.11 a year ago.
First Watch Restaurant Group, Inc. is a daytime dining concept company. The Company is engaged in serving made-to-order breakfast, brunch and lunch using fresh ingredients. The Companyâs menu includes elevated executions of classic favorites along with its specialties, such as Quinoa Power Bowl, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation (juiced in-house daily), Spiked Lavender Lemonade and Million Dollar Bacon. The Company operates approximately 520 First Watch restaurants in 29 states. The Company uses a variety of marketing channels, including affiliate partnerships, social media interactions, digital marketing, direct mailers, public relations initiatives and local community sponsorships, email communications, promotions, and partnerships. It also owns the franchise-owned restaurant in Broken Arrow, Okla.