First Watch Restaurant Group, Inc. (NASDAQ: FWRG) reported Q2 EPS of $0.14, $0.01 better than the analyst estimate of $0.13. Revenue for the quarter came in at $258.6 million versus the consensus estimate of $258.2 million.

Updated Outlook Fiscal Year 2024

Based upon second quarter results and current trends, the Company updates the following guidance metrics for the 52-week fiscal year ending December 29, 2024:

Same-restaurant sales growth in a range of negative 2.0%-to-flat with same restaurant traffic growth in the negative mid-single digits
Total of 52-56 new system-wide restaurants, net of 2 company-owned restaurant closures (45 to 48 new company-owned restaurants and 9 to 10 new franchise-owned restaurants)
Blended tax rate of 31.0% to 33.0%

The Company confirms the following guidance metrics for the 52-week fiscal year ending December 29, 2024:

Total revenue growth in the range of 17.0% to 19.0%
Adjusted EBITDA(2) in the range of $106.0 million to $112.0 million
Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels

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