First Watch Restaurant Group Full Year 2024 Earnings: EPS Misses Expectations

First Watch Restaurant Group (NASDAQ:FWRG) Full Year 2024 Results

Key Financial Results

• Revenue: US$1.02b (up 14% from FY 2023).
• Net income: US$18.9m (down 25% from FY 2023).
• Profit margin: 1.9% (down from 2.8% in FY 2023). The decrease in margin was driven by higher expenses.
• EPS: US$0.31 (down from US$0.43 in FY 2023).

FWRG Sales Performance and Store Count

• Same store sales growth: Down 0.5% vs FY 2023.
• Total stores: 572 (up by 48 from FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

First Watch Restaurant Group EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.7%.

In the last 12 months, the only revenue segment was Restaurants contributing US$1.02b. Notably, cost of sales worth US$792.8m amounted to 78% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to US$121.2m (59% of total expenses). Explore how FWRG's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in the US.

Performance of the American Hospitality industry.

The company's shares are down 13% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 1 warning sign for First Watch Restaurant Group you should know about.

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