First Watch Restaurant Group, Inc. (NASDAQ: FWRG) reported Q1 EPS of $0.12, $0.02 better than the analyst estimate of $0.10. Revenue for the quarter came in at $242.4 million versus the consensus estimate of $243.93 million.

Updated Outlook Fiscal Year 2024

Based upon first quarter results and current trends, management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024:

Same-restaurant sales growth in a range of flat-to-up 2.0% with same restaurant traffic growth in the negative low single digits.
Total revenue growth in the range of 17.0% to 19.0%(1).
Total of 51 to 57 new system-wide restaurants, net of 1 company-owned and 1 franchise-owned restaurant closure (44 to 48 new company-owned restaurants and 9 to 11 new franchise-owned restaurants).

Management confirms the following guidance for fiscal 2024:

Adjusted EBITDA(2) in the range of $106.0 million to $112.0 million(1)
Blended tax rate in the range of 27.0% to 29.0%
Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels(3)

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