First Watch Restaurant reports Q2 EPS 14c, consensus 12c

Reports Q2 revenue $258.6M, consensus $258.24M. Same-restaurant sales growth of negative 0.3% and same-restaurant traffic growth of negative 4.0%. “We are pleased with our second quarter results and proud of our teams for delivering exceptional experiences for our customers and employees. Amidst a challenging backdrop, which we view as transitory, we are operating our restaurants at a very high level and with tremendous efficiency, as exemplified by our adjusted EBITDA growth, high customer satisfaction scores, improved employee turnover and accelerated ticket times,” said Chris Tomasso, First Watch CEO and President. “Our future growth plans remain as strong as ever, with new restaurants overall and by vintage meeting or exceeding our AUV and capital return targets, and we have more than 130 new sites in the pipeline.”