First Watch Restaurant Group Achieves $1 Billion Revenue Milestone

First Watch Restaurant Group, Inc. ( (FWRG) ) has released its Q4 earnings. Here is a breakdown of the information First Watch Restaurant Group, Inc. presented to its investors.

First Watch Restaurant Group, Inc. operates as a leading Daytime Dining concept, specializing in breakfast, brunch, and lunch offerings across the United States. Known for its fresh ingredients and chef-driven menu, the company has garnered numerous accolades for its culinary excellence.

In its latest financial results, First Watch Restaurant Group reported a significant milestone, achieving over $1 billion in total revenues for the fiscal year 2024. The company also noted a substantial increase in adjusted EBITDA, marking a pivotal year in its operational history.

Key financial highlights include a 13.9% increase in total revenues to $1.0 billion and a 7.4% rise in system-wide sales to $1.2 billion. Despite a slight decline in same-restaurant sales and traffic, the company opened 50 new restaurants across 19 states, expanding its footprint to 572 locations nationwide. The restaurant level operating profit saw an increase, although the income from operations margin experienced a slight decrease.

Looking ahead, First Watch aims for continued growth in 2025, with expectations of positive same-restaurant sales growth and a 20% increase in total revenues. The company plans to open 59 to 64 new restaurants, further solidifying its position in the Daytime Dining sector.

Overall, First Watch Restaurant Group remains optimistic about its growth trajectory, focusing on enhancing customer experience and operational efficiency to drive future success.